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GOVT SEEKS E1.3BN LOAN FOR UPGRADING UNPAVED ROADS

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MBABANE – Members of Parliament (MPs) will definitely perform a victory dance upon hearing that government is seeking a E1.3 billion loan for the upgrading of unpaved roads.

The issue of the poor state of the country’s roads is the one that landed Matsanjeni North MP Phila Buthelezi in trouble when he said the current Cabinet did not care about the people.
However, the MPs, without any doubt, will gladly pass the proposed Probase Swaziland (Upgrading of Unpaved Roads) Loan Bill No.18 of 2017, which the Minister of Finance, Martin Dlamini, is expected to table in Parliament, seeking to borrow a loan not exceeding US$100 million (approximately E1 330billion).

The loan will finance the project of upgrading low volume unpaved roads using chemical stabilisers.
Interestingly, the loan will be sourced from Probase Swaziland (Proprietary) Limited, which is the company that piloted roads at Etiyeni and Mpolonjeni to be paved and eventually the project was known as ‘probase’.
Probase Swaziland (PTY) Limited is a Swazi-registered company that was registered in September 2015 under the directorship of Seow Cheng Soon and Yen Cheng Soon. 
Probase Manufacturing Swaziland is a company originally based in Malaysia.

According to the proposed Bill, the project is meant to upgrade the various low volume unpaved roads in the country totalling 200 kilometres, using chemical stabilisers to stabilise in-situ material and surface utilising appropriate surfacing products. The Government of Swaziland, which is the borrower, shall be expected to repay the loan in 30 semi-annual instalments, and any overdue interest at the rate of Libor plus one per cent of the amount due for every late payment.
The loan shall be charged upon the Consolidated Funds and government assets.

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