Latest news with #R7
IOL News
24 minutes ago
- Business
- IOL News
Sanral secures R7bn loan with BRICS bank to enhance key economic corridors
This significant financial move follows the approval of a R16.5bn borrowing limit earlier this year, which included a notable R7bn guarantee specifically earmarked for the NDB loan. Image: Supplied The South African National Roads Agency Limited (Sanral) has announced the successful conclusion of a loan agreement worth R7 billion with the New Development Bank (NDB). The NDB is a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS) with the purpose of mobilising resources for infrastructure and sustainable development projects in emerging markets and developing countries. This significant financial move follows the approval of a R16.5bn borrowing limit earlier this year, which included a notable R7bn guarantee specifically earmarked for the NDB loan. The loan is set to bolster various ongoing projects within Sanral's toll portfolio, with a focused emphasis on enhancing critical economic corridors along the N2 and N3 routes in KwaZulu Natal, as well as the N1. This development signifies a pivotal investment in South Africa's transport infrastructure, vital for supporting economic growth and improving connectivity across key regions. Though the NDB loan is a cornerstone of Sanral's funding strategy, the agency on Tuesday indicated that the remaining portion of the borrowing limit will be utilised to raise additional funds in the domestic market. 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 ✕ Ad loading This includes exploring opportunities through bonds and syndicated or bilateral loans, thereby ensuring a comprehensive financial strategy that optimally supports its mandate. Sanral expressed optimism about the timing of this long-awaited funding, asserting that it will have a profound positive impact on the company's ability to execute its projects successfully. This loan, which will become effective upon the fulfilment of standard conditions precedent, not only amplifies Sanral's financial capacity but also reaffirms its commitment to enhancing the country's infrastructure. As Sanral moves forward with this funding, the agency is committed to paving the way for progress within the South African economy and its communities, which stands to benefit from improved transport links. The projects funded by this loan will not only facilitate smoother transport but also promise to encourage trade and economic activities in the regions served. BUSINESS REPORT
Eyewitness News
a day ago
- Business
- Eyewitness News
How residents can find out if they qualify for City of Cape Town's R2,2 billion debt write-off initiative
The City of Cape Town has approved a massive R2,2 billion debt write-off for qualifying residents as part of its 2025/26 budget. As at 30 June 2025, the annual collection ratio result was 97,83%, however, the City says the debt write-off initiative is to offer economic relief for qualifying residents facing hardship and also to enhance the financial sustainability of the metro. The debt remission is for municipal debt outstanding for periods prior to and including 30 June 2024. Council has approved debt relief for qualifying customers who own residential properties valued between R450 000 and R7,5 million. Indigent properties with zero valuation, income-based indigent customers, those on pension and social grants, as well as various institutions such as cemeteries and crematoria, non-profit organisations, animal shelters, accommodation for the vulnerable, local community museums, old age homes, public benefit organisations, social housing, and youth development organisations could also benefit.
The Citizen
a day ago
- Business
- The Citizen
Sasol in Sasolburg celebrates International Mandela Day
SASOLBURG – Honouring the legacy of Nelson Rolihlahla Mandela, Sasol mobilised employees around the world on Thursday, July 17, to give their time, talents and resources to personally contribute to International Mandela Day through the company's internal social impact programme, Sasol for Good. In Sasolburg more than 200 volunteers from Sasol's Sasolburg and Natref Operations as well as Mining participated in the drive themed 'Bridging the Gap, Nourishing Communities' and packed 1 028 boxes, each filled with red speckled beans, split peas, tinned fish, soya mince, maize meal, samp, rice, tea, tea creamer, soup powder, vitadrink, immunomeal, brown sugar and cooking oil. The packed boxes were distributed to more than 25 NPOs that serve people living with disabilities, gender-based violence and femicide (GBVF) as well as shelters operating in Metsimaholo and Ngwathe local municipalities. Sasol's Regional Operations and Assets Services also handed over food, clothing and items donated by employees to the Youth Care Centres for boys and girls in Sasolburg. This year marks 10 years of Sasol for Good. To date, over 170 organisations have benefited from the generosity of Sasol employees, who have collectively donated more than R7 million over the past decade. Sasol has matched these contributions with an additional R6 million, resulting in a total of R13 million directed to non-profit organisations over the past 10 years. To harness the growing momentum of community centred goodwill, Sasol introduced five days or 40 hours of paid employee volunteer leave in 2016 – designed to capitalise on this spirit of doing good. The Sasol for Good initiative continues to empower employees to contribute their time, skills and in-kind support to causes aligned with their personal values. While Sasol evolved over the past decade, the company's commitment to philanthropy endures, particularly through initiatives such as annual International Nelson Mandela Day. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The Citizen
2 days ago
- The Citizen
Rehab or cult? Ex-patients look towards collective civil case
Locals claimed online that the centre is 'not a rehab but something sinister". Following The Citizen's investigation and article on Tetelestai Recovery Centre (TRC), a string of disturbing allegations has emerged online, with more former patients and community members accusing the facility of abuse, financial exploitation and psychological manipulation disguised as treatment. TRC owner accused of major abuse and manipulation One account described how a young man was allegedly sent to the centre for a minor addiction to cigarettes and, after being caught smoking, was locked in a cell 'no bigger than a toilet'. He was reportedly forced to scrub the small space with a brush for hours each day as punishment. Locals claimed online that the centre is 'not a rehab but something sinister', with rumours of other illegal activities linked to the property mulled by concerned people. Another former patient alleged he was humiliated and made to sit in one spot from 6am until 9pm, digging a hole with a teaspoon for three weeks, exactly as witnesses had told The Citizen. He claimed a volunteer at the facility called him a racial slur too nasty to print and stole R7 000 in cash. He has rallied a group of witnesses who say they are willing to testify to anyone about what really goes on inside. ALSO READ: Tetelestai Recovery Centre founder denies abuse claims Calls for an investigation into rehab Calls for police intervention have grown louder, with some urging victims to lay formal charges. More serious accusations have been made by others, who claim they were trapped in the centre against their will. One woman, who claimed she escaped after a week despite paying six months' fees upfront, described De Klerk as 'a manipulator' who uses religion as a weapon to break people down, rather than help them heal. She accused him of unethical and abusive practices, including shaming patients with religious teachings, refusing to let them leave and exploiting families for financial gain by prolonging stays. She also alleged inappropriate sexual behaviour. De Klerk denied this previously. Others alleged the owner routinely vilified patients, telling them they were 'monsters' undeserving of forgiveness. Alleged racial slurs, forced isolation and public humiliation were repeatedly mentioned. Community members have called for the facility to be shut down, while those affected are urging others to come forward to build a collective civil and criminal case. Many victims insist the facility operates more like a punitive cult than a rehabilitation centre, preying on vulnerable families desperate for help. Brad Nathanson, retained by the Edwards' family to investigate the circumstances of Luke Edwards' death at, or because of, treatment at TRC, said that nothing shocks him any more about De Klerk and his attorney. 'This is in keeping with everything I have been told by so many about him and his God complex. You can't make this up, and why would anybody do so? I am repulsed,' said Nathanson. READ NEXT: Newborn baby found dumped in storm drain in Ekurhuleni
The Citizen
2 days ago
- General
- The Citizen
City Power marks Mandela Day with an outreach in Alexandra
City Power commemorated Mandela Day through an outreach programme at the Itlhokomeleng Home for the Aged and Disabled in Alexandra. The engagement provided material aid and facilitated access to core public services, aligning with the day's principle of community upliftment. Read more: City Power seizes cables worth about R2.5m in Riverpark The utility's general manager in the department of public relations and communication Isaac Mangena said the outreach programme, done in partnership with other supporting organisations, saw the utility donate blankets and branded T-shirts to assist elderly residents during the winter season. They also participated in cleaning the facility, served lunch, and spent the day interacting with the home's residents. 'One of the highlights of the day was a special educational play, performed by a talented team from Alex, aimed at raising awareness about the free basic electricity (FBE) programme, an initiative designed to support indigent residents, including pensioners, unemployed people, and low-income households earning less than R7 503.01 per month.' The initiative offers 50kWh of electricity monthly, at no cost, to qualifying households. City Power facilitated on-site registration for the FBE programme, assisting qualifying residents directly at the event. The utility's stakeholder relations manager Tshepo Chuene emphasised the importance of bringing services to the citizens. 'When we service you, we must not service you from a distance, we must service you from here. Whenever you meet issues, we are here to resolve them. You are very important to us. Our job is to make sure we keep the lights on. That is why, before, I had said we are going to give you free basic electricity, and we are going to help you register.' City Power demonstrated that its role extends beyond technical service delivery and further reaffirmed its commitment to making a difference in the lives of vulnerable communities. 'The Mandela Day initiative served as a reminder of the power of collective action,' Mangena stated. 'With the entity using the day to demonstrate how small acts of service can bring dignity, comfort, and lasting impact to those in need.' Follow us on our Whatsapp channel, Facebook, X, Instagram, and TikTok for the latest updates and inspiration! At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
