Cape Town signed a R2.4 billion loan credit facility agreement with the Agence Française de Développement [fr]
On Monday, 18 February 2013, Executive Mayor, Mrs Patricia de Lille signed a R2.4 billion loan credit facility agreement with L’Agence Française de Développement (AFD).
The Ambassador-Designate of France in South Africa, Her Excellency Mrs Elisabeth Barbier, the Consul of France, Mr Antoine Michon, AFD representatives, and City officials were present at the signing.
The loan will assist it in financing infrastructure projects which include the expansion of the MyCiTi bus services to Mitchell’s Plain and Khayelitsha, a range of capital projects, and the construction of community facilities such as clinics, parks, and libraries in previously disadvantaged communities.
De Lille said she was grateful that the City’s finance team secured the loan, and was grateful that the teams of negotiators reached an agreement on a “reasonable interest rate” for the repayment of the credit facility.
“You can be rest assured that your money will be put to good use. It will go towards improving the quality of lives of the people of Cape Town and making this great city even greater.”
Related Article : Business Day, "Cape Town to use French loan to develop infrastructure", 15 mars 2013.