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
-
The founders Africa needs most are often invisible to the startup ecosystem
9 minutes -
Finance, Agriculture ministries clash over GH¢1.6bn funding claims
36 minutes -
From China’s skylines to Ghana’s beachfront: The vision behind Labadi Beach Apartment
55 minutes -
‘We want our children back’: Nigeria’s kidnapping nightmare spreads south
3 hours -
Energy Minister pushes for early completion of 900MW Takoradi Power Plant
3 hours -
DBG marks 5th Anniversary with focus on scaling up activities in key target areas
3 hours -
JoyNews’ Samson Anyenini among personalities to be honoured at GJA Press Freedom Awards
3 hours -
GJA to honour champions of press freedom and media development
3 hours -
NPA commends SSNIT for Telehealth Service initiative
3 hours -
Nurses and Midwives Union condemns assault on midwife at Tema Community 22 Polyclinic
4 hours -
FoSCel founder urges free genotype screening for Ghanaian youth
4 hours -
Savelugu drug lord jailed three years for tramadol offences, faces further drug charges
4 hours -
Nearly 50 people die of thirst in Sahara desert after lorry breaks down
4 hours -
UPSA management pays courtesy call on Duncan-Williams ahead of 60th anniversary thanksgiving service
4 hours -
Tampuli donates medical equipment, staff accommodation to four health facilities in Gushegu
4 hours