Timely fund boost for Bay stadium

Posted On Friday, 24 October 2008 02:00 Published by eProp Commercial Property News
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Nelson Mandela Bay will receive a cut of the extra R1,4-billion allocated for 2010 stadiums.

trevor-manuelNelson Mandela Bay will receive a cut of the extra R1,4-billion allocated for 2010 stadiums.

Finance Minister Trevor Manuel, in his mid-term budget policy statement, announced that the money had been set aside for the current financial year to cover the increasing costs of the World Cup stadiums.

Metro municipal manager Graham Richards confirmed that the Bay would receive a cut of R195-million for the current financial year.

“We have been advised by the national treasury that our cut is R195-million plus a further R35-million split over the next 2½ years to be used as interest subsidies on bridging loans, if we need them,” he said.

Richards also confirmed that the allocation will be used as a further contribution to the costs of the stadium. In addition, a further R600-million will be allocated for high-speed internet access between stadiums and Telkom‘s national network.

Government would provide funding to accommodate part of the cost overruns, with municipalities sharing the burden.

 

Last modified on Friday, 01 November 2013 07:58

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