N3 Toll Road

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In August 1998, the South African government awarded a 30-year BOT contract for the construction, rehabilitation, and operation of the N3 Toll Road to the preferred bidder, N3 Toll Road Consortium (N3TRC). The existing toll road connects Johannesburg and Durban. The BOT contract involves the construction of a new 100km section between Keeversfontein and Warden, making for a 420km road in total. The consortium and National Roads Agency are currently in negotiation and financial closure is expected by March/April 1999. Members of N3TRC are: LTA Construction, Murray and Roberts, Grinaker Construction, Africon Consulting Engineers, BKS Consulting Engineers, Rand Merchant Bank Limited, Sumitomo Bank, Evzone, Nkobi Holdings, Women's Development Bank, Fikile Projects, Infra Africa, PIC Development Fund, and NBS. The project achieved financial closure in Nov. 1999, when US$ 260.6 million loan was granted to the project sponsors (US$ 48.9 million from the EIB; US$ 57 million from the South African Development Bank, BoE and Southern Life; US$ 154.7 comprises a CPI facility placed by the Rand Merchant Bank). The remaining project costs will be funded with the sponsors equity. The sponsors also paid a US$ 224.7 million for the right to toll the existing roads. None None