South Africa wins $1. 5 billion World Bank infrastructure loan
The World Bank has approved a $1.5 billion (R26.6bn) loan to support structural reforms aimed at boosting South Africa's infrastructure.
The Washington-based lender said in a statement the operation will address the nation's challenges of low growth and high unemployment by easing constraints in its energy and freight transport sectors.
South Africa has vowed to modernise state-owned enterprises and open key sectors to competition to boost its moribund economy. The bank said its program will help by improving energy security, increasing freight transport efficiency and supporting the shift to a low-carbon economy.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Maverick
23 minutes ago
- Daily Maverick
UN nuclear watchdog says Iran in breach of obligations, Iran announces counter-measures
The U.N. nuclear watchdog's board of governors declared Iran in breach of its non-proliferation obligations on Thursday and Tehran announced counter-measures, as an Iranian official said a "friendly country" had warned it of a potential Israeli attack. U.S. and Iranian officials will hold a sixth round of talks on Tehran's accelerating uranium enrichment programme in Oman on Sunday, the Omani foreign minister said on Thursday. But security fears have risen since U.S. President Donald Trump said on Wednesday American personnel were being moved out of the region because 'it could be a dangerous place' and that Tehran would not be allowed to develop a nuclear weapon. Trump has threatened to bomb Iran if the nuclear talks do not progress, and in an interview released on Wednesday said he had become less confident that Tehran would agree to stop enriching uranium. The Islamic Republic wants a lifting of the U.S. sanctions imposed on the country since 2018. The International Atomic Energy Agency's policy-making Board of Governors declared Iran in breach of its non-proliferation obligations for the first time in almost 20 years, raising the prospect of reporting it to the U.N. Security Council. The step is the culmination of several stand-offs between the Vienna-based IAEA and Iran since Trump pulled the U.S. out of a nuclear deal between Tehran and major powers in 2018 during his first term, after which that accord unravelled. An IAEA official said Iran had responded by informing the nuclear watchdog that it plans to open a new uranium enrichment facility. After the IAEA decision, the Israeli Foreign Ministry said Tehran's actions undermine the global Non-Proliferation Treaty and posed an imminent threat to regional and international security and stability. Iran is a signatory to the NPT while Israel is not and is believed to have the Middle East's sole nuclear arsenal. MARKET REACTION Markets absorbed the developments in a volatile Middle East. Oil prices eased on Thursday as the market assessed the situation, having surged more than 4% on Wednesday to their highest since early April. But shares in European airlines, travel companies and hotel chains were among the biggest fallers in morning trade as investors worried the heightened tensions would knock demand for travel and higher oil prices would add to costs. 'Clearly it is Iran that is at the centre of this and the possibility that you see a strike from the U.S. or Israel,' said Paul McNamara, a director of emerging market debt for investment firm GAM. 'There is a lot of scope for things to get a whole lot worse if we do see a military strike and a sustained attack.' Iran's response to the IAEA resolution was among several countermeasures being taken, Iranian state TV said. The IAEA official, who spoke on condition of anonymity, said Tehran had given no further details on the planned new enrichment sites, such as its location to enable monitoring by U.N. nuclear inspectors. Behrouz Kamalvandi, spokesperson for Iran's atomic energy organisation, told state TV that Tehran had informed the IAEA of two countermeasures including 'the upgrading of centrifuges in Fordow (enrichment plant) from first to sixth generation, which will significantly boost the production of enriched uranium'. Enrichment can be used to produce uranium for reactor fuel or, at higher levels of refinement, for atomic bombs. Iran says its nuclear energy programme is only for peaceful purposes. Reiterating Iran's stance that it will not abandon the right to enrichment as an NPT member, a senior Iranian official told Reuters that rising Middle East tensions served to 'influence Tehran to change its position about its nuclear rights'. 'POTENTIAL ISRAELI STRIKE' The Iranian official said a 'friendly' country had alerted Tehran to a potential strike on its nuclear sites by arch-adversary Israel and reiterated that the Islamic Republic would not abandon its commitment to enrichment. 'We don't want tensions and prefer diplomacy to resolve the (nuclear) issue, but our armed forces are fully ready to respond to any military strike,' the official said. Iranian state media reported that Iran's military had begun drills earlier than planned to focus on 'enemy movements'. Israeli Strategic Affairs Minister Ron Dermer and Mossad head David Barnea will travel to Oman to meet U.S. Special Envoy Steve Witkoff ahead of the U.S.-Iranian talks in another bid to clarify Israel's position, Israeli media reported on Thursday. The decision by Trump to remove some personnel from the region comes at a brittle and highly sensitive juncture in the oil-producing Middle East, where security has already been destabilised by the Gaza war between Israel and Palestinian militant group Hamas that began in October 2023. Oil prices initially rose after Trump's announcement but later eased. Foreign energy companies were continuing their operations as usual, a senior Iraqi official overseeing operations in southern oilfields told Reuters on Thursday. The U.S. Embassy in Baghdad advised American citizens on Thursday against travelling to Iraq, Iran's western neighbour. Foreign energy firms continue to operate normally in Iraq, a senior Iraqi official told Reuters. Bahrain's state oil firm Bapco Energies is monitoring the situation in the region and its operations are unaffected, it said on Thursday, after dependents of U.S. military personnel were advised to leave the country because of regional tensions.
IOL News
28 minutes ago
- IOL News
Shuka Minerals secures final regulatory approval for Kabwe mine acquisition in Zambia
Shuka Minerals said on Thursday it had received final regulatory approval for the acquisition of Leopard Exploration and Mining (LEM), the Zambian company that owns the Kabwe Zinc Mine, marking a key step in the UK-listed firm's African growth strategy. Shuka Minerals said on Thursday it had received final regulatory approval for the acquisition of Leopard Exploration and Mining (LEM), the Zambian company that owns the Kabwe Zinc Mine, marking a key step in the UK-listed firm's African growth strategy. Shuka Minerals is a UK-based exploration and development company focused on mining opportunities across Africa. It has a secondary listing on the JSE. The approval from Zambia's Competition and Consumer Protection Commission (CCPC) clears the last regulatory hurdle for the 100% acquisition of LEM, first announced in December 2024. Shuka said it has also agreed terms for a £1.5 million (R37m) unsecured, non-dilutive funding facility to cover the remaining $1.35 million (R24m) cash consideration owed to LEM's vendors. The facility is subject to final due diligence and the execution of definitive agreements. Under an amended share purchase agreement, Shuka will issue 28.64 million new ordinary shares to settle the $3m share consideration component of the deal. The shares will be issued at 7.737 pence each - a 10% discount to an agreed reference price of 8.5965p - and will represent 29.99% of the company's enlarged share capital. In lieu of deferred shares, LEM will receive 2 million warrants exercisable at 12.5p per share, expiring at the end of 2027. The warrant terms are designed to prevent LEM's vendors from exceeding 29.99% of Shuka's total voting rights post-exercise. Completion of the transaction has now been extended to no later than June 30 to allow finalisation of funding and legal documentation. 'This is a huge milestone and one which the market, shareholders and all stakeholders in Shuka have been waiting for,' CEO Richard Lloyd said. 'We look forward to completing this acquisition and progressing both Kabwe and Rukwa to realise their full potential.'
Eyewitness News
32 minutes ago
- Eyewitness News
Kenya presents budget a year after massive demos
NAIROBI - Kenya's government was set to present its budget to parliament on Thursday, carefully prepared to avoid a repeat of massive protests over tax hikes a year ago. The east African nation is a regional economic powerhouse, but tensions have simmered over the soaring cost of living and a stagnant job market. Last year's finance bill sparked huge public anger by raising taxes on everyday items, culminating in thousands storming parliament on 25 June, forcing President William Ruto to cancel the bill. At least 60 people were killed in weeks of protests, and rights groups say dozens more were illegally detained by security forces in the aftermath. This year the government has played it safe. Rather than tax hikes for consumers, the new bill has focused more on businesses, while seeking to reduce government spending and close tax loopholes as a way to increase revenues. The government faces a daunting task in boosting social services and investment in the face of huge debts - a common issue across Africa - with interest payments already greater than its spending on health and education. Analysts say the new budget is unlikely to provoke the public anger of last year, but critics say it still includes backdoor price increases and will hurt small businesses. "This year's finance bill is, in comparison to last year's, very much seeking to avoid controversy," said Patricia Rodrigues, of global consultancy Control Risks. But she said it will be "difficult for a lot of businesses to swallow because it includes potential increases on income taxes and social contributions, and the end of some tax holidays for corporates and medium and small enterprises". The World Bank earlier this year reduced its growth projections for Kenya from 5.0 to 4.5 percent in 2025. Kenya is currently seeking a new agreement with the International Monetary Fund, meaning its funding will not be included in the budget. RIGHTS A bigger concern for many Kenyans has been the government's rights record. Last month, a young software developer was arrested and charged with cybercrime breaches after building a website opposing the new bill, which she said would raise living costs and undermine privacy rights by allowing greater data access for tax inspectors. This week, news was dominated by the death of a man while in police custody after he criticised a senior officer. Such incidents have attracted only small protests so far, but there is widespread anger across the country. "Just because the tax issue is no longer at the forefront of people's minds does not mean that protests or unrest will not be mobilised," said Rodrigues. "In recent months, the track record of the administration on human rights and corruption is what has been causing people to mobilise more," she said.
