South Africa approved for over R7bn loan from World Bank

The World Bank has approved a R7.5-billion low-interest loan to fund vaccine purchases.

The latest approval follows a loan of R11.5-billion granted in January for economic recovery.

Treasury and the World Bank said the loan “contributes to the government’s fiscal relief package while reinforcing South Africa’s decisions on how best to provide relief to the economy and those worst affected by the crisis”.

“This support aims to put the country on a more resilient and inclusive growth path by boosting South Africa’s Covid-19 vaccination efforts with the goal of vaccinating up to 70% of the country’s target population,” said Marie Françoise Marie Nelly, the World Bank’s country director for South Africa.

#BreakingNews world Bank has approved R7.6 billion loan for South Africa. The loan is set to help in financing vaccine procurement contracts. pic.twitter.com/hVcUjISmEB

— Mpho Maṱhoho (@MaxMpho) June 14, 2022

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