The City of Cape Town has secured an additional R3.5 billion in financing to support its plans for a South African record infrastructure investment over three years.
This is South Africa’s largest three-year infrastructure investment made by a metropolitan municipality. ‘We are pleased to secure further finance towards our ambitious infrastructure investment agenda, which we estimate will create 130 000 construction-related jobs alone over three years. Lower-income households will also directly benefit from 75% – or R9bn – of Cape Town’s R12bn infrastructure spend in 2024/25.’
The City’s 10-year pipeline is valued at approximately R120 billion. The majority of the projects are classified as ‘Economic, Social, and Governance ’ and are related to the City’s overall Climate Change Strategy.