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IOL News
24-05-2025
- Business
- IOL News
Concerns arise as eThekwini Municipality seeks R1. 5 billion loan
The eThekwini Municipality intends to borrow R1.5 billion to fund capital expenditure for the 2024/2025 financial year. Image: Independent Newspapers The eThekwini Municipality intends to borrow R1.5 billion to fund capital expenditure for the 2024/2025 financial year. The municipality presented a progress report on borrowings for capital projects approval of loan agreements at an Executive Committee (Exco) meeting on Friday. It stated that in accordance with the Finance Management Act, it had made public the information statement and invited, received, and considered the written comments/representation from the National Treasury. The municipality said that in response to concerns raised, it was noted that soliciting comments from the National Treasury was based on the Municipal Budget approved 2024/2025 financial year. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ The municipal management also acknowledged that the city was commended by the National Treasury for its cash covering ratio. The municipality intends to take R500 million loan from the First National Bank over 10 years at an indicative fixed interest rate of 10.040%. Also, it intends to take a R1 billion loan from the Development Bank of Southern Africa over 10 years at an indicative fixed rate of 11.110%. If the loans are approved on Monday at the council meeting, City Manager Musa Mbhele will have to sign off on the loan agreements. The municipality stated that during the process of the loan agreement negotiations, the fixed margin remained unchanged. The final interest rate will be confirmed before the loan is drawn out. Councillor Andre Beetge, DA Exco member, was concerned that the municipality would be taking another loan, with the city having R9.9 billion loan payments outstanding. Sandile Mnguni, eThekwini Municipality's Chief Financial Officer, confirmed that the city is planning to borrow R2 billion in the next financial year; in addition, R1.5 billion the following year, and then another R1.5 billion in the next financial year. "The R1.5 billion that we already approved is for the current financial year. I must indicate that the current outstanding long-term liabilities as indicated have not taken into account the repayment of capital that we undertake every six months," Mnguni said. In the eThekwini Finance Committee meeting, the Inkatha Freedom Party (IFP), ActionSA, Minority Front (MF), the Peoples Freedom Party (PFP), and Democratic Alliance abstained from voting. Only the ANC supported the report by majority vote. Rose Cortes, deputy chairperson of the eThekwini Ratepayers Protest Movement (ERPM), said the borrowing pattern is reckless and speaks to the concerns raised by ratepayers that the municipality is not concerned with reducing spending.
The South African
22-04-2025
- The South African
White VW Jettas linked to two fatal pedestrian crashes in Despatch
The community of Despatch in Nelson Mandela Bay are left in shock after two pedestrians were killed in separate road accidents in Khayamnandi in the Eastern Cape. Both accidents, involving white VW Jettas, occurred on consecutive Saturdays, just two weeks apart. The first accident took place on Saturday, 5 April 2025, where a two-year-old boy was struck by a white VW Jetta while playing on Albert Letuli Street in Kayamnandi. According to police spokesperson Captain Andre Beetge, the incident occurred around 17:00. The child's parents transported him to the hospital using private transport, but he was declared dead upon arrival. Beetge said to The South African that a culpable homicide case was opened and is being investigated by SAPS Despatch. Exactly 14 days later, on Saturday, 19 April, around the same time, a 62-year-old woman was killed on Old Uitenhage Road while crossing towards Kayamnandi. The vehicle, also described as a white VW Jetta, fled the scene without stopping. According to police spokesperson Captain Sandra Janse Van Rensburg, the woman died on the scene before emergency services could arrive. Both incidents occurred in the Despatch area, but on different roads. While the cases are not currently linked, police have noted the similarities in timing, location and vehicle description. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
