Table 2

Details of funding sources, revenues and returns*15

Sources of capital expenditure
April 2007 Maloti (million)†%
Government grant (excluding VAT)40034.3
Commercial debt—drawdowns589.8350.6
Commercial debt—capitalised interest70.626.1
Junior debt—DBSA and Netcare93.688
Shareholders’ contribution
Equity—local firms6.250.5
Total private finance76565.7
Private sector revenues and returns%
The unitary fee255.55
Equity IRR (after advance company tax)25.2
Interest rate on ‘junior’ debt13.1
Interest rate on senior debt11.62
  • *Errors due to rounding.

  • †1 Maloti=US$0.12 (2018).

  • DBSA, Development Bank of Southern Africa; IRR, internal rate of return.