Citigroup Inc. is teaming up with South Africa’s Gauteng provincial administration to fund almost R1.4 billion of investment in a new mega-city project and airport south of Johannesburg.
The US lender, through its South African unit, will make a seven-year loan facility available to a special purpose vehicle that will directly invest in infrastructure for the Mega River City on the banks of the Vaal river, Citi South Africa head Peter Taylor said.
The development could attract much as R30 billion in additional investment, he said.
