EIB to provide €35m funding for water project in Durban
5 December 2011
A €35 million (£30 million) loan agreement to provide long-term funding for clean water supplies in Durban has been set up.
The European Investment Bank (EIB) will provide the money to Umgeni Water to build new pipelines and upgrade existing water infrastructure, including new water treatment works and pumping and service reservoirs.
It is estimated that the money will guarantee clean water to an estimated five million people in Durban and its surrounding areas.
Plutarchos Sakellaris, vice president of the EIB, explained that "acknowledging the importance of ensuring the availability of clean water in dry regions is essential".
Umgeni's acting chief executive and general manger of finance, Nica Gevers, said that the funding will enable the utility to "move ahead with projects".
The loan is the first to be made to a South African water board by the EIB and will be used in conjunction with funding made available by the Trans-Caledon Tunnel Authority.
Durban is currently hosting the annual Conference of the Parties, with infrastructure in Africa being a key topic of debate.