Municipalities to raise billions

CAPE TOWN – South African municipalities were expected to raise up to 20 billion rand to fund major infrastructure projects over the next three years, a National Treasury official said yesterday.

“Over the medium term, we’d aggregate own resources of municipalities (starting with) grants, leveraging and borrowing … of approximately 15 to 20 billion rand’s new money,” TV Pillay, chief director of local government in the National Treasury, told reporters in Cape Town.Pillay said the money would mostly be used to finance capital expenditure projects.Nampa-Reutersof approximately 15 to 20 billion rand’s new money,” TV Pillay, chief director of local government in the National Treasury, told reporters in Cape Town.Pillay said the money would mostly be used to finance capital expenditure projects.Nampa-Reuters