Original disclosure @ IFC website
Updated in EWS Apr 4, 2022
Disclosed by Bank Jun 23, 2020
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According to bank provided information, the Project is to support the City of Ekurhuleni Metropolitan Municipality’s (“CoE”) FY19/20 capital investment program, through an IFC investment of up to US$55 million (in South African Rands equivalent) in CoE's expected bond issuance.
The proposed investment supports the implementation of municipal infrastructure projects in CoE and is expected to have positive effects on access to quality of urban infrastructure services such as water, electricity, sanitation, and roads for households and private productive enterprises. It is also expected to promote inclusive development by enabling the CoE to expand access to essential infrastructure to households in townships and informal settlements. At the market level, the Project is expected to help i) improve the City's financial resilience by reducing non-technical losses in the water and electricity distribution systems, with potential for market-wide effects; and, ii) increase the financial integration of municipalities with capital markets to support infrastructure projects, particularly in a time of declining market conditions.
CoE’s FY19/20 Capital Investment Program is ZAR6.8 billion (around US$370 million). The proposed IFC investment is an up to US$55 million (in South African Rands equivalent) bond investment, for IFC's own account.
City of Ekurhuleni Metropolitan Municipality
Corner Cross & Roses Streets, Germiston, 1400, South Africa
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