CAPE TOWN (SouthAfrica), Feb 7 (NNN-SANEWS) — The South African Government will spend more than R940 billion on infrastructure over the next three years.
“We are engaging local and international financial institutions and investors to unlock R100 billion in infrastructure financing,” President Cyril Ramaphosa said while delivering the State of the Nation Address (SONA) in Cape Town.
The President said government is developing innovative ways of funding infrastructure in a bid to achieve higher levels of economic growth.
“We are undertaking massive investment in new infrastructure, while upgrading and maintaining the infrastructure we have.”
Ramaphosa said a project preparation bid window has been launched to fast track investment readiness.
“This includes revised regulations for public-private partnerships, which will unlock private sector expertise and funds. This includes R375 billion in spending by State-owned companies.
“This funding will revitalise our roads and bridges, build dams and waterways, modernise our ports and airports, and power our economy. Through the Infrastructure Fund, 12 blended finance projects – worth nearly R38 billion – have been approved in the last year.”
President Ramaphosa said the construction of the Mtentu Bridge continues.
“This bridge will rise above the river between Port Edward and Lusikisiki, and will become the tallest bridge in Africa. Working with international partners, we are revitalising small harbours, unlocking economic opportunities for coastal communities.
“We are steadily removing the obstacles to meaningful and faster growth. The economic reforms that we are implementing through Operation Vulindlela have created a new sense of optimism and confidence in our economy.
“We have made progress in rebuilding and restructuring a number of our network industries. We are seeing positive results in the improvement of the functioning of our network industries, as well as the investment opportunities that are opening up and are being taken by investors, leading to job creation,” the President said.
Ramaphosa said over the coming year, government will initiate a second wave of reform to unleash more rapid and inclusive growth.
“Our immediate focus is to enable Eskom, Transnet and other State-owned enterprises that are vital to our economy to function optimally.
“We are repositioning these entities to provide world-class infrastructure, while enabling competition in operations, whether in electricity generation, freight rail or port terminals,” the President said.
President Ramaphosa has previously emphasised the seventh administration’s commitment to expanding infrastructure investment, as a crucial part of driving economic growth and ensuring efficient service delivery. — NNN-SANEWS
