Government has given the assurance that it has put in place mechanisms against corruption and nepotism to protect its plan to revive the economy. The state is preparing to embark on various infrastructure investments as the country faces a deepening economic crisis, job losses and a recession which has been exacerbated by the coronavirus pandemic.
Treasury has now signed a memorandum of agreement with the Development Bank of South Africa (DBSA) and Infrastructure SA for the management of the country’s R100-billion infrastructure fund.
Head of Infrastructure and Investment in the Presidency, Kgosientso Ramokgopa, says investors have made it clear that they will oversee how the funds are spent.
“Part of the prerequisite by the private sector – the multi-lateral development banks that have invested in these projects, the commercial banks – is that they want to have what you call “see through”. So “see through” simply means that they want to observe each and every step of the decision-making process to implement these projects the private sector insists on that.
In the video below, the DBSA, National Treasury and the Department of Public Works have signed an agreement to begin work on establishing an Infrastructure Fund: