![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/06\/image002-6-scaled.jpg\")
<\/a><\/figure><\/div>\n\n\nCape Town was heavily featured in Nedbank’s updated Capital Expenditure Project Listing for 2023, accounting for 60% of all government infrastructure projects announced nationally in 2023. <\/p>\n\n\n\n
The City of Cape Town has secured R3.5 billion in financing from Nedbank for infrastructure investment.<\/p>\n\n\n\n
The R3.5 billion in financing, approved by the Council on 12 June, forms part of the city’s plan to spend R39.5 billion on infrastructure from July 2024 to June 2027 as part of its \u2018Building For Jobs\u2019 Budget.<\/p>\n\n\n\n
The city said that this is the largest three-year infrastructure investment in a metro in South Africa’s history. <\/p>\n\n\n\n
\u2018We are pleased\u00a0to secure further finance towards our ambitious infrastructure investment agenda, which we estimate will create\u00a0130,000 construction-related jobs alone over three years,” said Cape Town\u00a0Mayor Geordin Hill-Lewis.<\/p>\n\n\n\n
“Lower-income households will also directly benefit from 75% – or R9bn – of Cape Town\u2019s R12bn infrastructure spend in 2024\/25.” <\/p>\n\n\n\n
\u2018This pro-poor infrastructure spend in 2024\/25 is bigger than the entire infrastructure budget of any other metro.”<\/p>\n\n\n\n
“Cape Town will soon be SA\u2019s most populous city, and we are preparing for this by targeting our fastest-growing and poorest areas with infrastructure projects that will, over time, unstitch the unjust legacy of our country\u2019s past.” <\/p>\n\n\n