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Cape Town seeks R2bn for projects

Jul 18 2012 09:00

Cape Town - The City of Cape Town wants to raise a R2bn loan from a French development bank to finance a range of its capital projects, it was reported on Wednesday.

The Cape Times reported the loan, funded by L'Agence Française de Développement, could be taken on condition that it be repaid over 15 years and have an interest rate fixed at 9%.

Deputy mayor Ian Neilson said the loan would be used over the next two financial years for a range of capital projects such as water services, roads, refuse collection and sewerage.

The mayoral committee agreed on Tuesday to recommend to the city council that the loan be taken up.

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