Transport infrastructure is the cornerstone of regional economic progress and South Africa aims to offer practical collaboration on bi-national projects that would boost the African continent and its economy.
This is according to Deputy President Paul Mashatile who was speaking at the Standard Bank Infrastructure Focus Engagement with British development finance institutions in London, United Kingdom.
“By collaborating closely, we can create a more resilient and inclusive infrastructure ecosystem that benefits everyone,” the Deputy President said on Tuesday.
The country’s second-in-command is in the United Kingdom for the second leg of his weeklong working visit to improve trade and investment relations between the two nations.
READ | Mashatile kicks off working visit to the UK
He took the platform to urge the Standard Bank Group to exploit the opportunity afforded by infrastructure investment in South Africa.
“Let us embark on this road with a common goal of prosperity, sustainability, and advancement for our country. Our motto in the Presidency is the speed of execution, the cornerstone of getting things done,” he added.
He told the attendees that infrastructure investment in South Africa was a subject dear to him as it is the foundation of sustainable economic growth.
“South Africa stands at a crossroads where infrastructure development plays a pivotal role in driving economic growth, fostering innovation, and improving the quality of life for its citizens.”
As the country navigates through these challenging times, he believes it was “increasingly essential” for the Standard Bank Group to harness opportunities in infrastructure investment and steer the country towards a sustainable future.
According to the Deputy President, infrastructure investment in South Africa presents various prospects across various sectors, including transportation, energy, water, and telecommunication.
“By leveraging our expertise and partnerships, the Standard Bank Group can actively contribute to these projects, creating jobs, promoting local business development, and enhancing overall connectivity within the region.”
He also encouraged the bank to continue supporting the continent’s energy transition.
“South Africa has vast energy resources, including oil, gas, coal, and renewable energy sources, and with the right investment and expertise, the sector has the potential to unlock growth and improve the lives of millions of our people.”
Infrastructure pipeline
Meanwhile, he said government plans to prioritise the investment in infrastructure through improvements in the infrastructure pipeline, the execution of that pipeline and financing.
“Mobilising private sector resources to augment public sector capability and finances is necessary to fast-track the provision of infrastructure and improve effectiveness.”
He stated that government initiated various reforms to systematically get buy-in from greater private sector participation to improve spending and delivery outcomes.
The Deputy President acknowledged that government has a huge financing gap for its infrastructure portfolio that could further require more funding.
He said that in the 2023/24 Budget Review, the total infrastructure investment planned by the State over the next three years amounts to almost R943 billion.
National Treasury, according to Mashatile, is now trying to raise funding for the public sector infrastructure projects that are funded through the Budget Facility for Infrastructure using blended finance instruments.
These include concessional financing from Multilateral Development Banks and development partner countries.
Meanwhile, he said Treasury is in the process of screening the projects that could potentially be funded.
The Deputy President also acknowledged challenges that come with infrastructure investment in South Africa.
These include regulatory hurdles, funding constraints, and skills shortages requiring innovative solutions and collaborative efforts to overcome.
“As a leading financial institution, the Standard Bank Group is well-positioned to drive change and facilitate sustainable infrastructure development in the country. Through strategic investments, responsible financing, and a commitment to long-term growth, the Standard Bank Group can be a catalyst for positive change in South Africa’s infrastructure landscape.” – SAnews.gov.za
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