Cape Town - Parliament says it will take 24 months for the restoration of the institution after it was gutted by a fire last January.
Secretary to Parliament, Xolile George said on Tuesday work was already under way.
George said the Development Bank of Southern Africa (DBSA) will be leading the project in the rebuilding of parliament and they will also work with other stakeholders.
He said this was a necessary project given the nature of the damage done by the fire and assessments done afterwards.
Minister of Finance Enoch Godongwana last year allocated R2 billion to parliament for the rebuilding project, and this was done during the Medium Term Budget Policy Statement.
Godongwana will table his Budget in parliament on Wednesday.
However, George said the fact that R2 billion was allocated last year was informed by the assessment done by engineers.
The Department of Public Works and Infrastructure had taken three weeks to do its assessment and Coega Development took seven months.
George said they found that DBSA would be the right institution to lead the rebuilding of parliament.
“The DBSA is the most suitable entity to play this role, given its expertise and experience of providing infrastructure management services, which include design, construction, upgrades, refurbishment and total facilities management to several other Organs of State.
“Its regulatory regime is largely compatible with that of parliament. Further, as an organ of state, it is accountable to Parliament, which enables parliament to oversee and hold it accountable for the project on an ongoing basis. This is in addition to the role of the accounting officer who remains responsible to ensure that the terms of the agreement are fulfilled,” said George.