[LISTEN] ETC says scrapping e-tolls could be devastating for the economy

[LISTEN] ETC says scrapping e-tolls could be devastating for the economy

6 September 2018 9:07 PM

The company contracted by Sanral to collect e-tolls Electronic Tolling Collections says scrapping e-tolls would be devastating to the province’s development and the country’s economy.

This week Transport Minister Blade Nzimande confirmed "extensive discussions" are under way as the African National Congress (ANC) in Gauteng seeks to scrap the system.

READ: Conference has taken a firm decision to scrap e-tolls - Panyaza Lesufi

Nzimande has made it clear that a decision to scrap e-tolls has not been made.

Gushwell Brooks, standing in for Karima Brown, spoke to the ETC's Chief Project Officer, Coenie Vermaak to get his take on the matter.

What we understand today is that Sanral borrowed initially about R22.5 billion through bonds to finance the construction of the Gauteng Freeway Improvement Project...effectively what will happen when the project gets scrapped is there is no income and that will breach certain governance within Sanrals agreements with the lenders and immediately the R22.5 billion that became in total around R40 billion that we are aware of will become payable virtually immediately...
— Coenie Vermaak, Chief Project Officer at ETC

...that will drive the economy even further south and possible risk a further downgrade.
— Coenie Vermaak, Chief Project Officer at ETC

Click on the link below to listen to the full conversation...

Written by: Neo Koza

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