The government is in talks with the French Development Bank (AFD) on a €300m concessional loan, as well as a further loan from the New Development (Brics) Bank, to add to the $1.5bn (R27bn) development policy loan it recently signed with the World Bank.

The loans could raise as much as $2bn-$3bn of the almost R130bn ($7.2bn) in foreign borrowing which the Treasury has pencilled into the budget, to help finance the government’s borrowing requirement over the next three years, with the rest raised on the market...

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