Monday, April 15, 2024
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HomeBusinessInvestment in infrastructure central to development goals, says president of South Africa

Investment in infrastructure central to development goals, says president of South Africa

By Caribbean News Global fav

SOUTH AFRICA – President of South Africa Cyril Ramaphosa participated in the Symposium on Sustainable Infrastructure Development (SIDSSA); a platform that brings together critical players in infrastructure investment who are united by one goal – to accelerate an infrastructure-led economic recovery plan.

President Ramaphosa noted that the event is an important part of South Africa’s infrastructure development endeavours and emphasised that additional infrastructure investment of R1.6 trillion (US$84 billion) from the public sector and a further R3.2 trillion (US$168 billion) from the private sector will be required to achieve infrastructure targets by 2030.

“The government is currently working on projects aimed at developing sustainable infrastructure, boosting business confidence and incentivising investment,” and emphasised that “South Africa is positioning itself as a leader in the production of green hydrogen in pursuit of a sustainable future based on innovation.”

The Green Hydrogen Programme, consisting of 14 projects, is an important part of the country’s equitable transition. Major water infrastructure projects are under construction in several parts of the country, expanding the capacity of dams and water infrastructure. Infrastructure South Africa is refocusing project preparation to stimulate growth and develop export sectors, manufacturing and the green economy.

“The focus is on projects that contribute to job creation both during construction and operation. Infrastructure South Africa is also preparing projects in a way that promotes inclusivity by increasing local participation. These projects are expected to create over 400,000 jobs during construction and operation.”

The Sustainable Infrastructure Symposium has been an important part of the growth of infrastructure investment in the country since it was first held in 2020.

According to organisers, the event was created to facilitate the objectives of the Sustainable Development Goals (SDGs) and South Africa’s National Development Plan (NDP) and to ensure access to greater and economical sources of sustainable funding, reported by Pretoria News, a partner of TV BRICS.

The event included a presentation of 12 priority infrastructure projects, an update on registered strategic integrated projects, an update on the Infrastructure Fund project pipeline, the launch of the construction book: a repository of infrastructure projects going into procurement/construction in the 2024/2025 financial year.

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