World Bank grants South Africa $1.5B for infrastructure, green energy

A coal truck drives past the Duvha coal-fired power station
near Emalahleni (formerly Witbank) east of
Johannesburg on 17 November 2022.

The World Bank granted South Africa a $1.5 billion loan to upgrade transportation infrastructure and help it transition toward a low-carbon economy, the country's National Treasury said Monday.

Deteriorating rail systems, congested ports, and frequent power outages have hindered vital industries such as mining and automotive manufacturing in South Africa, contributing to slow economic growth over the last decade in Africa's most developed economy.

South African President Cyril Ramaphosa and his coalition government have pledged to tackle corruption and decades of poor management, as well as pursue reforms to help the country emerge from its economic rut and alleviate its extremely high unemployment rate.

By Rédaction Africanews

Full story at African News