President Cyril Ramaphosa will on Thursday and Friday hold pitch sessions in preparation for the inaugural Sustainable Infrastructure Development Symposium of South Africa set for June 23, his office said.

In a statement, the Presidency said the pitch sessions would allow sponsors to present infrastructure projects before an audience of national and international funding institutions including multilateral development banks, development finance institutions, asset managers and commercial banks.

“Government recognises that infrastructure investment is a critical driver for the future growth of the South African economy,” it said.

“South Africa requires a catalytic kind of infrastructure investment that will contribute to higher long-term growth, and address spatial disparities, transform the economy and create much needed jobs.”

The projects included in the pitch sessions will form part of an infrastructure pipeline focusing on water, transport, energy and digital infrastructure networks as well as sectors with a high job absorption capacity such as human settlements, agriculture and agro-processing.

The investment and infrastructure office in the Presidency has established a platform drawing in specialists, technical and financial structuring experts and policy departments that have considered 177 infrastructure projects across public and private sectors.

The Presidency said the unveiling of a credible infrastructure pipeline at next month’s symposium would be a direct response to the decline in infrastructure spending in recent years.

“Currently infrastructure spend amounts to 13 percent of total spend, this needs to grow to 30 percent by 2030 to achieve the NDP growth targets,” it said, referring to South Africa’s National Development Plan drafted in 2011 which aims to eliminate poverty and reduce inequality by 2030.

“The economic headwinds exacerbated by the Covid-19 pandemic has created an opportunity for key role players in the infrastructure space to stimulate the economy through infrastructure investment.”

Source: ANA