22843 - City of Johannesburg Financing

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Summary of Proposed Investment

Project Number

22843

Company Name

CITY OF JOHANNESBURG

Date SPI Disclosed

Feb 20, 2004

Country

South Africa

Industry

Infrastructure

Projected Board Date

Mar 24, 2004

Status

Completed

Sector

Water and Wastewater Utilities

Department

Regional Industry - INF ME & Africa

Environmental Category

Previous Events

Approved : Mar 25, 2004
Signed : Jun 24, 2004

Project Description

The city of Johannesburg has a $1.7 billion capital expenditure program over the next five years. A significant portion of these investments are in the area of high priority infrastructure. To finance a portion of these investments the city is looking at diversifying its funding sources with the help of multilateral support. The purpose of the project is to provide support to the city in broadening its funding through the provision of a funding facility.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	50.0
Loan
Equity

Development Impact

The proposed project will help the city of Johannesburg diversify its funding sources and finance priority infrastructure assets that will expand access and improve service delivery for the residents of the city, specially for the disadvantaged sections. IFC’s role includes providing additional comfort to other potential investors with regard to the attractiveness of providing financial support to the city as well as increasing the tenor of funding available to the city.

The city of Johannesburg is committed to adopting and implementing the principles and underlying approaches to sustainable development. Through extensive stakeholder participation processes, key environmental issues have been identified and include: land degradation, threats to biodiversity, improperly managed pollution and waste. Policies and management strategies to reduce environmental damage, rehabilitate damaged environments, and encourage sustainable development are being put in place. Programs are in place to address immediate social challenges, particularly the spread of HIV/AIDS and the decline of the inner city. The city’s social package also includes electricity and water rate rebates for indigent households.
Location of environmental documents in locally affected community

Contacts

For Inquiries About the Project, Contact

Mr. Roland Hunter, Executive Director Finance, City of Johannesburg P.O. Box 1450 Johannesburg 2000

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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