Home National Ramaphosa Harbours Grand Visions for Infrastructure to Propel SA’s Development

Ramaphosa Harbours Grand Visions for Infrastructure to Propel SA’s Development

by Central News Reporter
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President Cyril Ramaphosa has reaffirmed the government's strong inclination towards spurring the nation's development through extensive investment in infrastructure, positing such endeavours as pivotal for South Africa’s future growth.

President Cyril Ramaphosa

Cape Town – President Cyril Ramaphosa has reaffirmed the government’s strong inclination towards spurring the nation’s development through extensive investment in infrastructure, positing such endeavours as pivotal for South Africa’s future growth.

Addressing delegates at the 2024 Sustainable Infrastructure Development Symposium of South Africa (SIDSSA), held at the Century City Conference Centre, the President described infrastructure as “an enormous economic multiplier” that continues to yield economic benefits well beyond the completion of the projects.

“In order to realise our ambitious development goals, we place infrastructure investment at the heart of our national agenda,” President Ramaphosa declared, underscoring the significance of the symposium in bridging the nation’s chasm in infrastructure financing. “We are looking at a considerable gap that needs to be filled with an additional R1.6 trillion in public sector infrastructure investment, alongside R3.2 trillion from the private sector by the year 2030.”

South Africa’s infrastructure drive has witnessed the implementation of bold initiatives aimed at delivering these projects at the necessary scale and pace. President Ramaphosa emphasised the systemic reforms taking place, aimed at spurring sustainable infrastructure and bolstering business confidence to attract investment.

“These reforms include the amendment of the Division of Revenue Act to empower provincial governments to use their infrastructure grants and budget allocations in leveraging private sector finance for large social infrastructure programmes,” he stated.

A public-private partnership is another linchpin of the reform strategies, with amendments to the regulations recently issued for public feedback. The President highlighted this as critical to assembling resources from both sectors for infrastructure progress.

The launch of the Infrastructure Fund has marked a significant stride, with its ever-expanding portfolio of blended finance projects designed to reduce risk for public infrastructure ventures and unlock capital market financing. President Ramaphosa took pride in the advancement of Strategic Integrated Projects, which have bloomed from R340 billion in July 2020 to R540 billion, with eighteen projects worth R10 billion reaching completion in key areas like human settlements and sanitation.

“The value of projects currently under construction exceeds R230 billion, with nearly R170 billion worth currently in procurement phases,” he added. “We anticipate financial closure on 11 projects, totalling an investment value of R45 billion this year alone.”

Moreover, President Ramaphosa noted that, through Infrastructure South Africa, R25 billion worth of projects in renewable energy have been expedited, utilising the Infrastructure Development Act to fast-track government authorisations.

The symposium, hosted by the Department of Public Works and Infrastructure, is framed as an arena for shaping regulatory and policy discussions and for exploring innovative approaches to funding infrastructure. Ministers and Deputy Ministers are slated to lead varied panel and technical discussions.

A significant highlight of SIDSSA 2024 will be the launch of the construction book, a compendium detailing infrastructure projects entering procurement or construction phases in the 2024/2025 fiscal year. Moreover, the symposium will feature a Leaders Forum, gathering South African Ministers with 22 Ministers from across the African continent, and the revelation of top twelve infrastructure projects that will benefit from project preparation funding.

A plethora of crucial updates will be disseminated during the event – included among them will be updates on the gazetted Strategic Integrated Projects, ongoing project preparation support and insights into the Infrastructure Fund Project Pipeline, all offering a clear view of the nation’s developmental trajectory.

President Cyril Ramaphosa has reaffirmed the government's strong inclination towards spurring the nation's development through extensive investment in infrastructure, positing such endeavours as pivotal for South Africa’s future growth.
President Cyril Ramaphosa has reaffirmed the government’s strong inclination towards spurring the nation’s development through extensive investment in infrastructure, positing such endeavours as pivotal for South Africa’s future growth.

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