PRETORIA – President Cyril Ramaphosa on Friday said that the private sector had expressed interest and would be invited to enter into meaningful partnerships with government in establishing an Infrustructure Fund seen as a critical driver of economic activity.
Announcing an economic stimulus plan involving R50 billion in reprioritised spending and new project level funding, Ramaphosa said infrastructure expansion and maintenance had the potential to create jobs on a large scale, attract investment and lay the foundation for sustainable economic expansion.
"With a view to unlocking the potential to create more jobs on a large scale we have decided to set up a South Africa Infrastructure Fund, which will fundamentally transform our approach to the rollout, building and implementation of infrastructure projects. In total, the plan will result in reprioritised expenditure and new project level funding of around R50 billion," he said.
"The South Africa Infrastructure Fund will reduce the current fragmentation of infrastructure spend and ensure more efficient and effective use of resources. The private sector will be invited to enter into meaningful partnerships with government in this fund."