Tito Mboweni said on Wednesday that infrastructure projects must be used to rebuild the economy. This proposed ‘new city’ development exhibits his ambition.
Tito Mboweni delivered some glum news to South Africans on Wednesday. We’re going to have a tax shortfall of R300 billion, economic growth is hurtling backward, and unemployment is on the rise. Silver linings in this dark cloud are hard to come by. So why is talk of building the infrastructure for ‘a new city’ suddenly on the cards?
That’ll be down to the fact that Cyril Ramaphosa took part in an Infrastructure Development Symposium on Wednesday. The president was shown scores of projects that have been designed to create economic relief through the creation of ambitious building projects. These include:
The Greater Cornubia project promises to provide 11 000 new jobs each year, 58 000 housing opportunities, and a host of brand new industrial and commercial complexes. The ‘mixed development’ is located just 25km away from Durban, near King Shaka Airport. Green open spaces and human settlement opportunities are also on the cards. Around 85% of the work vacancies here will not require ‘highly-skilled applicants’.
By the time construction is complete, Greater Cornubia will resemble the dream of the ‘new city’ Cyril Ramaphosa first punted during his second SONA of 2019. The project is still very much alive and kicking.
Mboweni, despite the gloom which surrounded Monday’s address, is also pinning his hopes on a new age of infrastructure. He is prepared to spend the big bucks needed to bring this project to life:
“Infrastructure will be the flywheel by which we grow the economy. Just as we have toiled together to manage the pandemic, let us harness this same unity to build the infrastructure our nation needs. Our efforts to reduce consumption expenditure will also change the composition of spending in the direction of investment.”
“Yesterday, the Presidency hosted an Infrastructure Development Symposium, drawing in sector specialists, technical and financial structuring experts and policy departments that have considered 177 infrastructure projects across all sectors. The Government has committed R100 billion over ten years towards this fund.”