[ No headline ]

* South Africa's black township of Soweto is about to receive its first overseas loan.

Soweto -- scene of the 1976 riots that drew worldwide attention to South Africa's segregationist racial policies -- now is considered an acceptable financial risk. Informed sources in South Africa say a $150 million loan should be completed in the next several weeks between Soweto and a group of banks led by Deutsche Bank of West Germany. No US banks are involved.

The money will be used to upgrade essential services -- sewage, water, and roads. The loan's terms haven't been spelled out, but the South African government is expected to sweeten the deal by subsidizing the interest rate and offering loan guarantees.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK