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Johannesburg - The European Investment Bank has agreed to provide a long-term loan of €50m for the eThekwini municipality's water infrastructure programme.
"The European Investment Bank is working with key partners across South Africa to support investment in the country's water infrastructure and thereby contribute towards achieving the Millennium Development Goals," Plutarchos Sakellaris, European Investment Bank vice-president for Africa, said on Monday.
The eThekwini municipality provides water and sanitation services to nearly four million people in the greater Durban area.
The European Investment Bank will provide the loan to Rand Merchant Bank (RMB), the investment banking arm of FirstRand [JSE:FSR], to allow it to fund this project at reduced rates.
The municipality's investment programme includes replacement of 1 600km of old asbestos water mains and the construction of the 60km western aqueduct and the 57km northern aqueduct.
"The expansion of the water infrastructure in this region will enable the eThekwini municipality to increase access to water in this area," said Laurent Scholtz, head of municipal finance at RMB.
The project will improve efficiency of the water supply system by reducing leakage as well as interconnecting networks and enhancing resilience of the overall system to enhance service levels, supplement existing water supply and cope better with climatic uncertainties.
The European Investment Bank is currently considering financing Trans-Caledon Tunnel Authority Mooi-Mgeni Transfer Scheme Phase 2, a crucial upstream bulk water project that will provide additional resources to the region.
"The European Investment Bank is working with key partners across South Africa to support investment in the country's water infrastructure and thereby contribute towards achieving the Millennium Development Goals," Plutarchos Sakellaris, European Investment Bank vice-president for Africa, said on Monday.
The eThekwini municipality provides water and sanitation services to nearly four million people in the greater Durban area.
The European Investment Bank will provide the loan to Rand Merchant Bank (RMB), the investment banking arm of FirstRand [JSE:FSR], to allow it to fund this project at reduced rates.
The municipality's investment programme includes replacement of 1 600km of old asbestos water mains and the construction of the 60km western aqueduct and the 57km northern aqueduct.
"The expansion of the water infrastructure in this region will enable the eThekwini municipality to increase access to water in this area," said Laurent Scholtz, head of municipal finance at RMB.
The project will improve efficiency of the water supply system by reducing leakage as well as interconnecting networks and enhancing resilience of the overall system to enhance service levels, supplement existing water supply and cope better with climatic uncertainties.
The European Investment Bank is currently considering financing Trans-Caledon Tunnel Authority Mooi-Mgeni Transfer Scheme Phase 2, a crucial upstream bulk water project that will provide additional resources to the region.
