The Cape Argus has reported that the City of Cape Town may have overpaid more than R300000 on Cape Town hosting World Design Capital 2014 to International Council of Societies of Industrial Design, the organisation which coordinates and awards the biennial World Design Capital host cities.

The cost to the City of Cape Town and its ratepayers for the honour of having been elected as World Design Capital 2014 was R1,5 million, payable in three instalments of €150000 each.  Despite an agreement by the City to get forward cover on the Rand/Euro exchange rate, this was not done, and the declining Rand relative to the Euro meant Continue reading →