Sanral gets R7 bln from Brics bank

2019-09-18 06:02

THE South African National Roads Agency (Sanral) received a loan of R7 billion from the National Development Bank following a meeting in Shanghai, China last week.

The NDB was established by the Brazil, Russia, India, China and South Africa economic grouping, Brics, to mobilise resources for infrastructure and sustainable development projects in emerging economies and developing countries.

The SA government provided a guarantee for the loan.

For Sanral, the news may come with some relief, as the entity is grappling with non-compliance with the tolls meant to pay for the multibillion-rand Gauteng Freeway Improvement Project, also known as e-tolls.

All in all, the bank approved four infrastructure and sustainable development projects worth about $1,4 billion (R20,5 billion), bringing the bank’s total portfolio to 42 projects, with loans of $11,6 billion.

The statement said R7 billion was approved by the NDB’s board of directors for Sanral’s National Toll Roads Strengthening and Improvement Programme. Other loans that were approved for Indian and Russian projects. — Fin24.

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