Audio By Carbonatix
The African Development Bank (AfDB) will give South Africa a $474.6 million loan to upgrade its transport and energy infrastructure, the bank said on Tuesday, the second big infrastructure loan the country has been promised in weeks.
The money adds to the $1.5 billion loan South Africa agreed with the World Bank last month for a similar purpose.
For more than a decade Africa's most advanced economy has struggled to grow because of regular power blackouts, crumbling rail networks and chronically congested ports that have held back major industries such as mining and automaking.
The African Development Bank said in a statement that its financing aimed to promote energy efficiency and rail reforms, among other things.
It said its support was part of an international financing package for South Africa that also includes the World Bank loan, 500 million euros ($590.75 million) from German development bank KfW, up to $200 million from the Japan International Cooperation Agency and $150 million from the OPEC Fund for International Development.
Latest Stories
-
‘Sole-sourcing irregularities began in government’s first month’ — Kofi Bentil
18 seconds -
Bolt Ghana’s IWD campaign attracts 1,170 applications for “She Moves to Win”
3 minutes -
Livestream: Newsfile discusses ‘No-bed syndrome’ and sole-sourcing under the lens
57 minutes -
VAST calls for urgent policy overhaul as air pollution kills thousands in Ghana
3 hours -
Outcome to The Drama: 10 of the best films to watch this April
3 hours -
Britain led the fight to end slavery; we shouldn’t be paying for a crime we helped eradicate – Kemi Badenoch
4 hours -
“Who should compensate whom?” – Afenyo-Markin sparks heated Parliamentary debate over slavery reparations
4 hours -
Iran strikes injure US troops at Saudi base
4 hours -
NPP deploys regional heavyweights to oversee polling station and electoral area polls
5 hours -
Akufo-Addo to lead ECOWAS election observers for Benin’s high-stakes presidential transition
6 hours -
Iran war splits older and younger conservatives – as pressure builds for Trump to find exit ramp
6 hours -
Callistus Mahama writes on slavery reparation: ‘We cannot confuse participation with responsibility’
6 hours -
‘The gravest crime against humanity’: What does the UN vote on slavery mean?
7 hours -
Catholic Bishops back Mahama after US university rescinds honorary degree over LGBTQ stance
7 hours -
Ablakwa expresses disappointment over US ‘no’ vote on the UN Slavery Resolution
8 hours