$1.5bn World Bank loan to support reforms in South Africa’s energy and transport sectors

The World Bank has approved a $1.5-billion (R27-billion) development policy loan to support the implementation of ongoing structural reform in South Africa’s energy and transport sectors, as well as the country’s transition toward a low-carbon economy. In a statement, the National Treasury said the loan offered favourable interest rates based on the six-month Secured Overnight Financing Rate, plus 1.49%, as well as flexible repayment terms, with a 16-year maturity and a three-year grace period.