ETHEKWINI full council held a special meeting on Wednesday, 28 February and approved a request to acquire a loan of R1-billion to fund capital projects in the City.
Deputy Mayor, Fawzia Peer said that all due diligence has been done to ensure that the City can afford it and that the loan will not affect the financial standing of the Municipality.
“This loan is part of an approved budget and service delivery will not be hampered in any way. It is also important to note that it is the norm for capital projects to be supported by loans,” said Fawzia.
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She added that all National Treasury procedures have been adhered to.
The loan will be used to fund capital projects identified through the City’s Integrated Development Plans (IDP). These include water, roads, electricity and sanitation infrastructure.
The item was first tabled at the previous full council meeting held on 22 February and was deferred for further deliberations.
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