More than two years after South Africa’s president Cyril Ramaphosa announced his ZAR 100 billion ($681 million) infrastructure fund as part of an economic stimulus package, the fund is finally operational.
At his state of the nation address on Thursday, Ramaphosa said the fund will blend resources from the fiscus and financing from the private sector and development institutions.
According to Business Insider South Africa, the fund was launched with the intention of transforming the state’s approach to infrastructure projects. The state initially pledged to contribute ZAR 100 billion ($681 million) into the Infrastructure Fund over a 10-year period.
The fund has assembled a pipeline for 2021, consisting of a variety of projects such as student housing infrastructure projects, water projects, a human settlements project and a series of road rehabilitation projects, Eyewitness News reports.
“These infrastructure projects will lead to