South Africa has secured a $150 ​million development ⁠policy loan from ‌the OPEC Fund for International Development to ​support reforms aimed at easing infrastructure ​bottlenecks, its National ​Treasury said on Wednesday.

The Treasury in a statement ⁠said that the loan agreement was the first between South Africa's government and ​the ‌OPEC Fund.

"The loan will ⁠support ⁠government's ongoing reform programme aimed at unlocking ​infrastructure bottlenecks, particularly ‌in the energy ⁠and freight transport sectors," the statement said.

It aligns with the Treasury's financing strategy, which seeks to diversify funding sources and minimise increases in debt-service costs.

The Treasury ‌said the financing has a six-year ⁠maturity with a two-year ​grace period and an interest rate of six-month Secured ​Overnight ‌Financing Rate plus 1.25%.

(Reporting ⁠by Nilutpal ​Timsina; Editing by Alexander Winning)