These are detailed as:
- ABSA: R1.33million (5-year loan)
- Nedbank: R2.1million (10-year loan)
- Nedbank: R12.1million (15-year loan)
ABSA and and FNB were deemed “non-responsive” regards the 10-year loan and would not offer terms for the 15-year loan. Is that an indication in their poor faith in Knysna’s ability to repay?
The loans will be used for vehicles, and co-funding of MIG (Municipal Infrastructure Grant) projects involving refurbishments and infrastructure.
The interest amounts to almost R15million so total repayment in the region of R30million.
PS: This information has not appeared on the Knysna Municipality’s website since the loans were approved by a Special Council meeting 2 weeks ago.