Banking group Nedbank and the City of Johannesburg on Thursday entered into a R1-billion funding agreement, which would assist the city to roll out its 2040 development strategy.

In March, the City of Johannesburg revealed its integrated development plan, along with a number of proposed flagship programmes for the next five years, which highlighted green projects and infrastructure upgrades as being critical to achieve the Joburg 2040 Strategy outcomes.

Executive mayor Parks Tau identified four pillars on which to build Johannesburg, namely human and social development, sustainable services, economic growth and governance.

“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,” said City Of Johannesburg unity head of treasury and financial strategy Khomotso Letsatsi.

The City of Johannesburg previously indicated that the infrastructure development and refurbishment would be done in collaboration with the private sector and key stakeholders.

It is expected that over the next ten years, the city would need to invest over R100-billion on infrastructure development and upgrade projects.

Nedbank Corporate Banking divisional executive Remo Moyo said that Nedbank had, over the past five years, provided funding for various City of Johannesburg projects.