South Africa’s fourth largest banking operation Nedbank has extended its exposure to the City of Johannesburg to the tune of R1bn in what some may see as a confidence booster on the health of the richest city in Africa.
Nedbank announced this week that it has concluded an a funding agreement of just under R1billion with the City of Johannesburg.
‘The City of Johannesburg has been undergoing a transformation in infrastructure development, services rendered and general revival aimed at making it a world class African city of the future ,’ says Khomotso Letsatsi, Unity Head: Treasury and Financial Strategy at the City Of Johannesburg. “This funding agreement with Nedbank will certainly allow us to fulfil our growth and development objectives by 2040,” she adds.
Nedbank said its market leader position in the area of public sector funding is cemented by this new win.
“Our relationship with the COJ has grown over the past 5 years where we have provided funding for various projects aimed at making it a world class African city,” says Remo Moyo, Divisional Executive: Nedbank Corporate Banking.
“Our skills and expertise in structuring customised funding solutions have enabled us to meet the COJ’s requirements, and we are pleased to be playing a role in assisting our client to reach their aspirations and, by so doing, ultimately contributing to our country’s economic growth.”