South Africa has secured a $150 million development policy loan from the OPEC Fund for International Development to support reforms aimed at easing infrastructure bottlenecks, its National Treasury said on Wednesday.

The Treasury, in a statement, said that the loan agreement was the first between South Africa's government and the OPEC Fund.

"The loan will support government's ​ongoing reform programme aimed ​at unlocking infrastructure bottlenecks, particularly in the ‌energy ⁠and freight transport sectors," the statement said.

It aligns with the Treasury's financing strategy, which ​seeks to ​diversify ⁠funding sources and minimise increases in debt-service costs.

The ​Treasury said the financing ​has ⁠a six-year maturity with a two-year grace period and an ⁠interest ​rate of six-month ​Secured Overnight Financing Rate plus 1.25%.