City of Joburg Council passes R2.5 billion French loan

JOHANNESBURG - A two-and-a-half-billion rand loan has been passed at the Joburg City Council.

The loan was initially turned down because Joburg Finance MMC Dada Morero did not provide essential details on what the loan was for and its conditions. 

Morero says the city may not be in a financial crisis but the loan will help cover shortfalls and maintain service delivery.

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The DA had previously voted against the loan, sighting lack of transparency as the main issue.

The party plans to write to the Minister of Finance to help monitor the use of the loan. 

The party's Caucus leader Belinda Kayser-Echeozonjoku says they will be keeping a close eye on the funds to make sure they're  not being looted.