President Cyril Ramaphosa’s infrastructure fund, which was first introduced in his economic stimulus and recovery plan, has still not been launched.
This comes a year after it was first announced.
At its September 2018 announcement, Ramaphosa said the fund will transform the state’s approach to infrastructure projects, is expected to reduce the current fragmentation of infrastructure spend and ensure more effective use of resources.
During his State of the Nation Address (SONA), Ramaphosa said the state had committed to contribute R100 billion into the Infrastructure Fund over a 10-year period.
This was welcomed by various industry bodies, with some expressing excitement about the boost it could bring to the construction industry, which is in dire need.
“We hope that this funding will be entrusted with those who have the technical expertise and experience that will translate it into a positive turnaround for industry and the economy, ” said SAICE Acting CEO, Steven Kaplan.
Ramaphosa’s spokesperson Khusela Diko told Business Insider that an announcement about the fund’s first projects and establishment will only be made at an investment conference in November.
Diko further emphasized that a lot of preparatory work had to be completed before the launch of the fund.