• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

World Bank, South Africa Have $3 Billion Plan to Rescue Cities

4 months ago
in Business, Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
31
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

World Bank, South Africa Have $3 Billion Plan to Rescue Cities

South Africa, with the help of the World Bank, has a $3 billion plan to reverse the decline in services and infrastructure in eight of its biggest cities.
It will use a $1 billion loan from the World Bank, coupled with $2 billion of government money, to finance grants for cities including Johannesburg, Durban and Cape Town that meet targets in providing water, sanitation, electricity and solid-waste processing under a new government program.

The initiative “consists of a new, targeted performance-based fiscal transfer” to the municipalities, the World Bank said in a response to a query. It will “support reforms in the trading services” cities charge residents for, it added.

The government is setting up the Metro Services Trading Program as it faces increasing pressure from citizens to improve services amid recurrent breakdowns of urban power-transmission grids, regular water outages and lax collection of refuse. In elections last year, the African National Congress lost its outright majority for the first time since the advent of democracy in 1994 partly because of anger over poor service delivery.

“South Africa’s metros are facing a crisis in the provision of basic services, marked by declining safety, reliability and accessibility,” the World Bank said in documents about the program. “Urgent action is needed to reverse the collapse of urban services.”

The program focuses on cities where 22 million people, or more than a third of the country’s population, live across an area of almost 30,000 square kilometers (11,583 square miles). That’s almost 20 times the size of London.

While South Africa’s government currently allocates money to municipalities for investments in infrastructure, there is no incentive based on results.

The program “will involve a combination of grant reforms together with the provision of conditional financial incentives that encourage municipalities to aggressively target the challenges affecting service delivery,” the World Bank said.

National Treasury didn’t respond to a request for comment. The Treasury mentioned plans for incentive-based program without giving details of requirements, targets or funding in its budget statement earlier this month.

The money provided would be in addition to about $6 billion sourced from revenue collected by the metropolitan areas and their borrowing making for a $9 billion government program, the World Bank said.

The focus will be on improving services, reducing water and electricity losses and collecting more revenue.

Other municipalities that fall under the program house the cities, or metropolitan areas, of Bloemfontein, Pretoria, East London, Gqeberha and Ekurhuleni.

Continue Reading
Source: bloomberg
Via: norvanreports
Tags: South Africa Have $3 Billion Plan to Rescue CitiesWorld Bank

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.