Table 2.

Details of funding sources, revenues and returns*¹⁵

Sources of capital expenditure
	April 2007 Maloti (million)†	%
Government grant (excluding VAT)	400	34.3
Commercial debt—drawdowns	589.83	50.6
Commercial debt—capitalised interest	70.62	6.1
Junior debt—DBSA and Netcare	93.68	8
Shareholders’ contribution
Equity—local firms	6.25	0.5
Equity—Netcare	4.16	0.4
Total private finance	765	65.7
Total	1165	100
Private sector revenues and returns	%
The unitary fee	255.55
Equity IRR (after advance company tax)		25.2
Interest rate on ‘junior’ debt		13.1
Interest rate on senior debt		11.62

*Errors due to rounding.

†1 Maloti=US$0.12 (2018).

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