The World Bank granted South Africa a $1.5 billion loan to upgrade transportation infrastructure and help it transition toward a low-carbon economy, the country’s National Treasury said Monday.

Deteriorating rail systems, congested ports, and frequent power outages have hindered vital industries such as mining and automotive manufacturing in South Africa, contributing to slow economic growth over the last decade in Africa’s most developed economy.

South African President Cyril Ramaphosa and his coalition government have pledged to tackle corruption and decades of poor management, as well as pursue reforms to help the country emerge from its economic rut and alleviate its extremely high unemployment rate.

While it did not give specifics, the South African government said it expects the World Bank loan will enable inclusive economic growth and job creation by assisting in the removal of important infrastructure bottlenecks, especially in the energy and freight transportation sectors.

“This agreement reinforces the strong and constructive collaboration between the World Bank and the government of South Africa,” said the National Treasury. “This partnership marks a significant step toward addressing South Africa’s pressing economic challenges of low growth and high unemployment.”

Additionally, because the financing has better conditions than conventional borrowing, such as a three-year grace period, it should reduce escalating debt-service expenses, it added.

South Africa’s 2025-26 budget has allocated over R1 trillion over the next three years toward critical transportation, energy, water and sanitation infrastructure while improving access to basic services.

However, real gross domestic product was revised downward to 1.4% in 2025 from 1.9% previously projected by the Finance Ministry in March because of the worsening global outlook and the persistence of logistics constraints and higher borrowing costs.

Finance Minister Enoch Godongwana said government debt is projected to stabilise at 77.4% of GDP in 2025/26.

Earlier this year, the dismantling of USAID by the Trump administration cut around $436 million in annual funding to South Africa for HIV treatment and prevention, putting the program and thousands of health care jobs on the line.

Godongwana said the country doesn’t have the funds to cover the more than $430 million shortfall caused by the Trump administration’s cuts in foreign aid, which have threatened the vast network of support for one of the world’s largest HIV-positive populations.

US President Donald Trump on Tuesday said a ceasefire between Israel and Iran, announced hours earlier, was now in place, ending the 12-day war.

In a post on his Truth social media, he urged both countries not to violate it.

The announcement came after Iran launched waves of missiles at Israel, which it described  as its last round, killing four people in the southern city of Beersheba.

It is unclear how many people were killed or injured in Iran overnight.

When Trump announced the ceasefire, he appeared to suggest the two countries would have time to complete missions that were underway before it began in a staged process.

“On the assumption that everything works as it should, which it will,” Trump wrote, “I would like to congratulate both countries on having the stamina, courage, and intelligence to end what should be called ‘THE 12 DAY WAR.'”

Calling the agreement a breakthrough, Trump ended his announcement with a sweeping message of unity: “God bless Israel, God bless Iran, God bless the Middle East, God bless the United States of America, and GOD BLESS THE WORLD!”

While the mutual strikes continued into the early hours of the morning, both Iran and Israel have now agreed to the ceasefire.

The first female and first African president of the International Olympic Committee, Kirsty Coventry, was inaugurated in the role on Monday – the organisation’s 131st birthday.

Coventry, a two-time Olympic swimming gold medallist for Zimbabwe, formally takes office on Tuesday after decisively winning a seven-candidate election in March to succeed Thomas Bach.

“You have placed your trust in someone whose life story is deeply rooted in the Olympic movement. As an Olympian, she knows what it means to live the Olympic values,” said Bach.

“She knows how to lead with courage. She is driven by a desire to give back to our Olympic movement that has shaped her life. Now she makes history.”

Bach, an Olympic champion in team fencing in 1976, leaves the role after the maximum term of 12 years in office.

At the formal handover ceremony at IOC headquarters in the Swiss city of Lausanne on Monday, Coventry presented Bach with the Olympic Order in gold.

Coventry thanked the more than 700 assembled guests – including IOC members, athletes, Olympic Movement representatives, delegates from international organisations, political leaders, and IOC staff.

“I am really honoured that I get to walk this journey with you and I cannot wait for anything that lies ahead, because I know I have the best team to support me and our movement in these next eight years,” she said.

The 41-year-old Coventry will lead the IOC through the next eight years, including the 2028 Summer Games in Los Angeles.

The ceremony took place on Olympic Day which marks the founding of the modern version of the Games in 1894.