Joburg council approves R2.5bn loan from French Development Agency
The City of Johannesburg has voted in favour of a R2.5 billion loan from the Agence Française de Développement (French Development Agency).
After the motion failed in the previous two attempts, Johannesburg Finance MMC Dada Morero managed to convince his fellow councillors to support the fund for his budget.
The loan is meant to pay for capital expenditure and related security, legal and financial costs.
With a 15-year repayment plan, the loan was already part of the 2023/24 budget.
The DA, EFF and ActionSA previously voted against the loan, but now moved to support it.
Morero said a failure to pass the loan in the last two meetings was just party politics.
"The DA was more concerned about certain information which we were able to share with them. ActionSA, with a sizeable number in council, was also concerned about the issue around availability chart. In fact, almost all parties were raising (the same issue) so we had to take all those issues into consideration.
"The EFF also came on board after understanding certain questions that they had.”
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