Dam funds available

2011-03-31 00:00

CAPE TOWN — The money needed to build the Spring Grove dam near Durban is available.

Three European banks, as well as the Development Bank of Southern Africa, will provide finance for the dam with €195 million (R1,88 billion) and R250 million respectively.

The dam forms part of the Mooi-Mgeni rivers scheme. The acting director-general of the Department of Water Affairs and Forestry, told Parliament the financing agreement was concluded last week.

The terms which the department agreed on the loans were not divulged.

The dam will provide much needed water to the Durban Metro and surrounding areas.

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