The South African National Roads Agency Limited (Sanral) has approached several banks, including commercial banks, in the hope of raising R1.48 billion.

Sanral’s toll and traffic manager Alex van Niekerk says the bulk of the amount needed is to service debt on the Gauteng Freeway Improvement Project (GFIP).

“We are reaching the stage where it will become critical,” he outlines.

E-tolling to fund the project has not begun but the monthly cost of the necessary infrastructure amounts to about R25 million.

Sanral’s business comprises two portfolios: the non-toll portfolio which accounts for 84% while the remaining 16% is the toll road portfolio component which includes the GFIP.

Sanral has maintained its position denying being on the brink of bankruptcy as only the smaller of the two portfolioshas cash flow problems. This has not, van Niekerk explains, affected Sanral’s capacity to maintain other existing toll roads…yet.

New additional planned projects to extend highways havebeen put on ice because Sanral is reluctant to take on more debt.

Sanral said in April it would begin e-tolling on Gauteng’s roads within two months. That deadline has been and gone.

Sanral spokesman Vusi Mona has also recently stated that “Sanral still hopes to win the hearts of Gauteng motorists.”

The public should bear in mind that government made policy and it was Sanral’s job to implement that policy, he points out.

“If we had it our way we would never had got involved in funding the GFIP.”

In recent days it has been reported that Sanral has run out of money, with debt totalling R65billion. The agency reportedly borrowed R20billion from local and foreign investors to fund the GFIP.