SA secures R24.76bn World Bank loan to boost infrastructure

South Africa has secured a $1.5 billion (R24.76 billion) World Bank loan to help modernise the country’s infrastructure and create hundreds of thousands of jobs in the continent’s largest economy.

The facility is the fourth in a series of standalone development policy loans to South Africa since 2022, aimed at easing infrastructure bottlenecks that have contributed to a decade of meagre economic growth.

The Washington-based lender said reform of the electricity and transport sectors supported by the financing could create almost 600 000 new jobs by 2032, including 280 000 next year.

“The operation builds on reforms that are already showing results,” the World Bank said in a statement.

“Load shedding has been virtually eliminated for a year and a half, private investment in renewable energy has increased sixfold, and rail and port freight volumes have risen by more than 50% since 2023.”

Scheduled power outages – known locally as load