South Africa Wins $925 Million World Bank Loan for Ailing Cities

The World Bank approved a $925 million loan for South Africa to support a six-year program costing three times that amount, as the country seeks to revive its major cities.

The loan, from the World’s Bank’s International Bank for Reconstruction and Development, will help South Africa’s National Treasury reward cities that meet operational and financial performance targets for urban services with additional funding. It’s the first program-for-results operation to be implemented by the lender in South Africa.