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South Africa signed a $1 billion New Development Bank loan on 15 September to support its Metro Trading Services Reform Programme. The programme targets the governance and financial performance of municipal electricity, water and sanitation, and solid-waste services.
The loan has a 16-year maturity and a three-year grace period, with interest at daily SOFR plus 1.18508%. Financing is performance-based: metro councils approve measurable targets, and achievement is independently verified.