The City of Cape Town (CoCT) has secured R3.5 billion in funding from Nedbank for a large-scale infrastructure investment project, reaffirming Nedbank’s long-standing partnership with the CoCT. The project will run between July 2024 and June 2027, as approved in its 'Building for Jobs' budget.
This is South Africa’s largest-ever infrastructure investment by a metropolitan municipality in a 3-year period, demonstrating Nedbank’s support for CoCT’s capex programme. The investment will help fund critical infrastructure development and maintenance spurred on by a growing population through semigration and ageing infrastructure.
As the CoCT’s banking partner, Nedbank understands the city’s unique needs and ambitions, so when CoCT approached the market for R8 billion in facilities to fund its capital expenditure programme for FY23/24 and FY24/25, we had a competitive advantage.
Nedbank’s role as the winning bidder was to price competitively and structure an instrument for maximum flexibility and cost-effectiveness for the city. The 15-year facility we offered suits the CoCT’s operating model and requirement for a long tenure.
Cape Town accounted for a full 60% of the R100 billion in overall government infrastructure projects announced nationally in 2023, according to Nedbank's updated Capital Expenditure Project Listing: 2023, published in February 2024.
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