CAPE TOWN, June 20 (Xinhua) -- South African President Cyril Ramaphosa on Thursday outlined his government's new policy on infrastructure development with a focus on efficient use of budgeted money.
"Our new approach to infrastructure development is based on stronger partnerships between the public and private sectors, and with local communities," Ramaphosa said while delivering his first State of the Nation Address (SONA) in Parliament since his re-election in May.
This includes a special package of financial and institutional measures to boost construction and prioritize water infrastructure, roads and student accommodation through a more efficient use of budgeted money, the president said.
The government has set aside 100 billion rand (about 6.9 billion U.S. dollars) for the Infrastructure Fund announced by Ramaphosa in February.
"We are working to institutionalize the fund, which will be managed by the Development Bank of Southern Africa, with the newly configured Department of Public Works and Infrastructure playing an oversight role," Ramaphosa said, adding the government has been doing this in consultation with private investors.
These reforms will improve the planning and implementation of infrastructure projects, according to Ramaphosa, with the construction sector to be provided with a much-needed boost in particular.
The president said his government will also be working to attract more inflows of investment.
"We continue to build a pipeline of investments, which will be showcased at the second South African Investment Conference to be held on 5 to 7 November," he said.
Infrastructure is a critical area of investment that supports structural transformation, growth and job creation in the country's efforts towards economic rejuvenation, Ramaphosa noted.
