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3 July 2023 Media Release: Garden Route DM and Standard Bank Sign Loan Agreement for Regional Landfill Construction

Garden Route DM and Standard Bank Sign Loan Agreement for Regional Landfill Construction

For Immediate Release
3 July 2023

Garden Route District Municipality (GRDM) signed a critical loan agreement with Standard Bank of South Africa for an amount of R278 249 907,00 today at its Council Chambers in George. This loan will be utilised for the construction of the GRDM regional waste management facility, which will initially serve the municipalities of Bitou, Knysna, George, and Mossel Bay.

According to Monde Stratu, GRDM Municipal Manager: “The funding will now enable the construction of the regional waste management facility, providing an essential waste management solution for the four participating municipalities.” “A site handover meeting was held with the Tefla Group (Pty) Ltd on 13 June 2023, which means the project is on track as planned.”

“Today is quite an exciting moment for us and I never thought it would happen in my tenure here at the GRDM. It was not an easy process to get to this point,” said Stratu.

In witnessing the event, Junaid Sonday, Standard Bank Provincial Head: Public Sector, said: “Standard Bank has an excellent track record in partnering with Local Government in the Garden Route.”

Sonday emphasised that Standard Bank’s support goes beyond mere profitability and is dedicated to prioritising what is good for the community, which is one of the reasons why Standard Bank granted GRDM the loan.

He also shared how impressed they were at Standard Bank with the previous Acting Chief Financial Officer, Thembani Loliwe’s comments during an engagement around credit risks. He said: “Thembani Loliwe was instrumental in adding value to credit risk committee discussions, swiftly identifying and addressing risk factors within the first few minutes after deliberations started”.

The group present during the historical moment (FLTR): Rian Boshoff (GRDM Chief Financial Officer), Thembani Loliwe (GRDM Strategic Manager), Charl Martin (GRDM Manager: Income, Bank Reconciliation, Expenditure & Remuneration), Junaid Sonday (Standard Bank Provincial Head: Public Sector), Adv. Nadiema Davids (GRDM Manager: Legal Services), Monde Stratu (GRDM MM), Gerrit du Toit (Standard Bank Account Executive), Clive Africa (GRDM Executive Manager: Community Services), Adv. Sinekaya Maqekeni (GRDM Manager: Integrated Support Services and Legal Compliance), John Godfrey Daniels (GRDM Executive Manager: Roads Services), Ayakha Magxotwa (GRDM IDP Officer) and Lusanda Menze (GRDM Executive Manager, Planning and Economic Development).

The publication of the Public Participation about the loan agreement was approved and concluded in December 2022. During the negotiations, Standard Bank requested that participating Municipalities provide council resolutions confirming their support and participation in the project. These resolutions were sourced from the participating Municipalities, namely Bitou, Knysna, George, and Mossel Bay Municipality. Furthermore, GRDM enters into section 33 of the Municipal Finance Management Act (MFMA) agreements with participating municipalities.

The GRDM expresses its gratitude to all stakeholders involved in the loan agreement process, including Standard Bank and the participating Municipalities. Their cooperation and support have been instrumental in reaching this significant milestone.

The project timeline is as follows:

  • Contractor on-site:  June 2023
  • Completion of Phase 1: February 2024
  • Estimated completion of project: March 2025

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Feature image caption: An exciting and historical moment for GRDM and Standard Bank shortly after a loan of R278 249 907,00 was signed. Pictured is Junaid Sonday, Standard Bank Provincial Head: Public Sector with Monde Stratu, GRDM Municipal Manager.

ENDS