By Ukumbi Afrika 
Johannesburg– South Africa has signed a $500 million sovereign-backed loan agreement with the Asian Infrastructure Investment Bank (AIIB) to strengthen climate-resilient urban services, marking the bank's first investment in the country.
According to South Africa's National Treasury, the financing agreement establishes a new partnership aimed at supporting the country's sustainable infrastructure agenda while improving the resilience of urban services against climate-related challenges.
"The financing marks AIIB's first investment in South Africa, establishing a new partnership to advance the country's sustainable infrastructure priorities, " the Treasury said in a statement.
The agreement underscores South Africa's continued efforts to mobilise international financing for infrastructure development and climate adaptation as cities face increasing pressure from extreme weather events and growing urbanisation.
The investment is expected to support projects that enhance the sustainability and resilience of urban infrastructure, aligning with the country's broader climate and development objectives.
Source: Reuters
Reporting: Alexander Winning
Editing: Nilutpal Timsina