From Business Day Live.

Neighbors Lesotho and South Africa approved this week a $1.3 billion, second phase of a water project scheduled for completion by 2020 that will benefit both countries.

The Lesotho Highlands Water Project will secure a continued supply of water for South Africa and hydroelectric power for Lesotho, according to a report in Business Day Live.

The project will boost South African and Basotho construction and materials supply companies and should create thousands of jobs, according to the report. It will also provide South Africa with much-needed water security, one of the challenges highlighted in the government’s National Development Plan.

South Africa will bear the full cost of the project, Water and Environmental Affairs Minister Edna Molewa said in the report.

The additional water supply from Lesotho is earmarked for areas where new mines are being established and for strategic infrastructure projects.

Read more at Business Day Live.