The African Development Bank AfDB on Tuesday approved a 139 million loan to Johannesburg, South Africa, marking its first direct lending to a sub-sovereign entity.
This significant investment aims to revitalise the citys ageing utilities.
Johannesburg, despite being home to Africas richest square mile, has faced considerable criticism for its deteriorating infrastructure.
President Cyril Ramaphosa recently highlighted the citys need for a facelift as it prepares to host the G20 summit in November.
The AfDB stated that the loan will fund 100 carefully selected projects focused on modernising Johannesburgs electricity, water, and waste infrastructure. This move is a historic first for the bank, which typically lends to national governments, by extending direct financing to a subnational entity like a city.