South Africa, July 1 -- The Board of Directors of the African Development Bank Group has approved a ZAR 2.5 billion (approximately $139 million) corporate loan to the City of Johannesburg Metropolitan Municipality, marking the Bank's first direct lending to a subnational entity in Africa.The transaction will finance critical infrastructure projects in electricity, water, sanitation, and solid waste management, directly benefiting over 6 million residents in South Africa's economic powerhouse.The approval marks a transformative moment for municipal financing across Africa, operationalizing the African Development Bank's Guidelines for Subnational Finance for the first time. The funding will exclusively support trading services infrastructure...