By Johnathan Paoli
The South African National Roads Agency SOC Limited (SANRAL) has successfully secured a R7 billion loan from the New Development Bank (NDB) to fund critical infrastructure upgrades in its toll portfolio, the state-owned company announced on Monday via the Stock Exchange News Service (SENS).
Speaking at the official signing ceremony of the loan agreement in Sandton, Johannesburg, SANRAL board member Mahesh Fakir said that the roads agency was looking forward to the positive impact that will emanate from the long overdue funding.
He also said that the funding will greatly assist the roads agency to carry out its mandate.
“This loan agreement comes against the backdrop where the South African Government under President Cyril Ramaphosa will be spending almost a trillion rand in the next three years on the development of our country’s infrastructure,” said Fakir.
“We are proud to be able to say that we are
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
