Cape Town: The government is set to allocate more than R940 billion towards infrastructure projects over the coming three years. President Ramaphosa made this announcement during the State of the Nation Address (SONA) in Cape Town, highlighting the focus on engaging with financial institutions and investors to unlock R100 billion in infrastructure financing.

According to South African Government News Agency, the President mentioned that innovative funding methods are being developed to foster economic growth. “We are undertaking massive investment in new infrastructure, while upgrading and maintaining the infrastructure we have,” President Ramaphosa stated. A project preparation bid window has been launched to expedite investment readiness, alongside revised regulations for public-private partnerships aimed at leveraging private sector expertise and funds.

The President emphasized that state-owned companies will contribute R375 billion, which will be used to revitalize roads, bridges, build dams, waterways, and modernize ports and airports. Through the Infrastructure Fund, 12 blended finance projects valued at nearly R38 billion have already been approved in the past year. Notably, the construction of the Mtentu Bridge, set to become the tallest in Africa, is progressing.

In collaboration with international partners, efforts are underway to revitalize small harbors, unlocking economic potential for coastal communities. Economic reforms under Operation Vulindlela are reportedly fostering optimism and confidence in the economy, with network industries showing signs of improvement and generating investment opportunities.

Looking ahead, the government plans a second wave of reform to spur more rapid and inclusive growth. The immediate goal is optimizing the operations of Eskom, Transnet, and other vital state-owned enterprises. These entities are being repositioned to deliver world-class infrastructure while promoting competition in areas like electricity generation, freight rail, and port terminals.

President Ramaphosa reaffirmed the administration’s dedication to expanding infrastructure investment as a pivotal strategy for economic growth and efficient service delivery.