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Gauteng eyes money for projects

By Sapa | May 17, 2012 | COMMENTS [ 10 ]

Gauteng is seeking ways to work with private sector financial bodies to find money for infrastructure projects, says finance MEC Mandla Nkomfe

“The key issue is how the provincial government and the financial services sector could work together to make the Global City Region a globally competitive one,” he told a financial services summit in Johannesburg.

He wanted this region, which includes Johannesburg, Pretoria and Ekurhuleni, to compare with the best financial centres in the world, such as London, New York, Hong Kong and Shanghai.

It was not necessary to debate which sector — public or private — delivered more effectively, but rather to look at how public-private partnerships could work together to make their nation a winner.

Although Gauteng was South Africa’s wealthiest province, it had a massive infrastructure backlog for historical reasons and due to the large influx of immigrants.

“It is thus faced with major infrastructural pressures leading to demands for new schools, hospitals, roads, electricity, water and sewerage, recreation facilities,” he said.  

The private sector was holding huge capital reserves so the key was how provincial government could create the right environment to attract some of this capital to finance projects.

Litha Nyhonya, chairman of Regiments Capital, a sponsor of the summit, said South Africa had around R1.5 trillion available in savings and pension funds.

Of this, about R525 billion was estimated to be in Gauteng.  

The summit would look at how government and the financial sector could find new and creative ways to work together to develop infrastructure.

Nkomfe emphasised this would not be another talk shop.

“Let’s ensure that whatever we decide here today it’s something we can implement,” he said.

Gauteng’s infrastructure budget for 2012/13 is R30.19 billion.

Participants in the one-day summit include provincial government, development finance institutions, banks and pension fund managers.

COMMENTS [ 10 ]

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>>“Let’s ensure that whatever we decide here today it’s something we can implement,” he said.<<

Start with drastically cutting back on exorbitant salaries, wasteful expenditure and perks for all high ranking government/municipal employees.
THAT should make a substantial amount of cash available!!

May 17, 2012 2:0 | 0 replies

Find Money, ask the cadres to look in their suites pockets hanging in their Closets, there must be more than 20 billion in there somewhere, that money can't just be gone.

May 17, 2012 3:27 | 0 replies

Have a Summit
Appoint a Task Team
Consult Stakeholders
Develop an Action Plan
Tender Process / OR not
Pay for incomplete / shoddy work projects
Unpack the Report Back
Park the Challenges
Lessons to be Learnt / OR not
Appoint a New Task Team.

May 17, 2012 3:12 | 0 replies

Arm chair mentalities..given the rotting cities,dirt,grass overgrowth and pot-holes..do simple things first before dreaming large.

May 17, 2012 2:24 | 0 replies

I can see Companies of ANC comrades lining up already and yet they know nothing about Road maintenance, please guys exercise Due deligence first before you give out a tender, to makesure the company is not realted to any of the Government and ANC/DA Officials.

May 17, 2012 2:23 | 0 replies

maintance is the key word dont sup contract people get perm to maintain ths proplems dont patch the problems fix it

May 17, 2012 2:20 | 0 replies

Most people are not paying their bills because they are ripping us off ngama electricity and water bills. Billing crisis has perpetuated the situation. Some of us won't pay untill this is properly addressed!

May 17, 2012 2:15 | 0 replies

i hope the public wont be forced to pay after completion

May 17, 2012 2:13 | 0 replies

What are the licence fees and petrol levies for? guys what are you using these monies for?

May 17, 2012 2:8 | 0 replies

Yeah right, not after Government renaged on paying the companies that delivered for the World Cup. Once they were through, they suddently started investigating the thugs for price fixing, as though they weren't aware prior the Cup.

Plus what happened to having to tender for everything, even free services to the city, like "free" pothole filling and points men at non working traffic lights?

Please Gov decide which it is...You need help, then it's on my terms. You want a tender, than I want progress payments, regularly and on time!

May 17, 2012 7:20 | 0 replies