Latest news with #R7bn
IOL News
22-07-2025
- 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
IOL News
22-07-2025
- Business
- IOL News
Fast food fuels growth in food and beverage sector
Takeaway and fast-food outlets are driving growth in South Africa's food and beverage sector, according to the latest data from Statistics South Africa. In May, income generated by the overall industry rose in real terms by 4.5% compared to the same month last year, with quick-service outlets contributing the bulk of the increase. Fast food and takeaway chains made the biggest impact on the sector's performance over both the monthly and three-month reporting periods. Statistics South Africa's latest data shows that food and beverage businesses recorded an uptick of 4.3% in income for the three months to May, compared to the same period in 2024. Once again, fast food operators led the way, making the biggest contribution to the growth. In May alone, takeaway and fast-food establishments were the single largest driver of the year-on-year increase in total income across the sector, outpacing restaurants, coffee shops, and catering services. Research from Apollo Reports shows that the fast food and quick service restaurant market was valued at $2 billion, or R35.1bn, in 2022 with an expectation of it growing to R60bn by 2032. The overall food and beverage market is worth almost R7bn, Statistics South Africa's figures show.
The Herald
10-07-2025
- Business
- The Herald
400 'high-risk' public works officials face lifestyle audits, says Macpherson
Public works minister Dean Macpherson says his department is this year extending the conduct of lifestyle audits on '400 high-risk officials' after completing those on 48 senior managers in the 2022/23 financial year. Presenting his budget vote in parliament on Wednesday, he said his department began in March 2025 to focus on the lifestyles of 400 officials in various divisions such as finance, ICT, procurement, property leases and other related projects. The department of public works, which among others is responsible for managing property leases of other government departments, runs a budget of more than R7bn a year. But its procurement of property leases has often been mired in allegations of corruption and other financial irregularities in which some of its officials have been implicated. Macpherson told MPs they were also clamping down on the 'ghost workers phenomenon' in his department. 'Trust in public institutions depends on the public's belief that we hold ourselves accountable for the work we do. One of these mechanisms is through lifestyle audits,' he said. 'On lifestyle audits, in 2022/23 we completed audits on 48 senior managers. We have now launched a wider process, focusing on 400 high-risk officials across finance, ICT, procurement, leases and projects.
TimesLIVE
09-07-2025
- Business
- TimesLIVE
400 'high-risk' public works officials face lifestyle audits, says Macpherson
Public works minister Dean Macpherson says his department is this year extending the conduct of lifestyle audits on '400 high-risk officials' after completing those on 48 senior managers in the 2022/23 financial year. Presenting his budget vote in parliament on Wednesday, he said his department began in March 2025 to focus on the lifestyles of 400 officials in various divisions such as finance, ICT, procurement, property leases and other related projects. The department of public works, which among others is responsible for managing property leases of other government departments, runs a budget of more than R7bn a year. But its procurement of property leases has often been mired in allegations of corruption and other financial irregularities in which some of its officials have been implicated. Macpherson told MPs they were also clamping down on the 'ghost workers phenomenon' in his department. 'Trust in public institutions depends on the public's belief that we hold ourselves accountable for the work we do. One of these mechanisms is through lifestyle audits,' he said. 'On lifestyle audits, in 2022/23 we completed audits on 48 senior managers. We have now launched a wider process, focusing on 400 high-risk officials across finance, ICT, procurement, leases and projects.
TimesLIVE
09-07-2025
- Business
- TimesLIVE
400 'high risk' public works officials face lifestyle audits, says Macpherson
Public works minister Dean Macpherson says his department is this year extending the conduct of lifestyle audits on '400 high-risk officials' after completing those on 48 senior managers in the 2022/23 financial year. Presenting his budget vote in parliament on Wednesday, he said his department began in March 2025 to focus on the lifestyles of 400 officials in various divisions such as finance, ICT, procurement, property leases and other related projects. The department of public works, which among others is responsible for managing property leases of other government departments, runs a budget of more than R7bn a year. But its procurement of property leases has often been mired in allegations of corruption and other financial irregularities in which some of its officials have been implicated. Macpherson told MPs they were also clamping down on the 'ghost workers phenomenon' in his department. 'Trust in public institutions depends on the public's belief that we hold ourselves accountable for the work we do. One of these mechanisms is through lifestyle audits. 'On lifestyle audits, in 2022/23 we completed audits on 48 senior managers. We have now launched a wider process, focusing on 400 high-risk officials across finance, ICT, procurement, leases and projects. 'The first batch of 69 audits began in March and will be finalised by September. The next batch will follow from October 2025 to March 2026, and the remainder by March 2027. 'These audits are being conducted independently, in partnership with the Special Investigating Unit, and include asset verification. On the ghost employee phenomenon, our anti-corruption unit is auditing the PERSAL system across the department and EPWP to detect any fictitious employees drawing salaries without working. With the help of interns, we are conducting physical verification, ensuring that every person on the payroll exists, works and contributes. This is painstaking work, but it is necessary. We must ensure that we have a competent and present workforce to achieve our goals.' Macpherson reported that the probe into the controversial purchase of the rundown Telkom Towers in Pretoria to house the headquarters of the SAPS at a cost of R600m was nearing completion. 'It has not yielded any returns. Instead, we continue to pay security to prevent further vandalism. The draft investigation reveals a significant loss in terms of the value of the property owing to a series of damages to its infrastructure, and whether the project is still viable. The report should be finalised by the end of July, and where individuals have been implicated, we will not hesitate to act.'
