South Africa modernizes municipal services
The Asian Infrastructure Investment Bank (AIIB) and the Republic of South Africa (RSA) have signed an agreement to provide a $500 million sovereign loan to support the Metro Trading Services program.
This financing, the AIIB's first investment in South Africa, will improve water supply, sanitation, electricity, and waste management in eight major cities with 22 million residents. By 2031, it is planned to reduce water losses from 41% to 28%, and electricity losses from 22% to 12%.
The AIIB is a multilateral development bank engaged in financing modern infrastructure. The bank started its operations in 2016, currently has 111 members worldwide, and its capitalization is 100 billion US dollars.
ASIAN INFRASTRUCTURE INVESTMENT BANK
