City of Cape Town obtains a further R2,8 billion for infrastructure
The City of Cape Town has secured a further R2,8 billion in financing which will go towards their infrastructure plans.
More money for City of Cape Town infrastructure
The City of Cape Town has procured a further R2,8 billion in financing for its infrastructure plans over the next three years.
According to a statement, the City plans to spend R39,5 billion on infrastructure from July 2024 to June 2027, as approved in its ‘Building For Jobs’ Budget. This is South Africa’s largest ever three-year infrastructure investment by a metropolitan municipality.
“We are pleased to secure further finance towards our ambitious infrastructure investment agenda, which we estimate will create 130 000 construction-related jobs alone over three years. Lower-income households will also directly benefit from 75% – or R9bn – of Cape Town’s R12bn infrastructure spend in 2024/25.” Mayor Hill-Lewis said in the statement.
“This pro-poor infrastructure spend in 2024/25 is bigger than the entire infrastructure budget of any other metro. Cape Town will soon be SA’s most populous city, and we are preparing for this by investing heavily in our fastest-growing, and poorest areas. This includes upgrades to critical water and sanitation, transport, and electricity infrastructure,”the Mayor added.
Big bucks spent
The City of Cape Town just recently announced that a new South African record had been set by them for the largest single-year infrastructure investment for a financial year.
According to a statement by The City, the infrastructure investment totalled a whopping R9,4 billion based on data for the 2023/24 financial year ending 30 June this year.
Mayor Hill-Lewis announced the City’s top-performing directorates for capital expenditure in an address last week, saying that the City of Cape Town’s Energy Directorate (R1,1 billion or 94,25% of budget spent) was the top performer in the ‘Billion Club’ of directorates with infrastructure budgets over R1 billion.
The two other directorates in this category also performed well, with Water and Sanitation spending R3,3 billion (93% of budget committed), and Urban Mobility spending R1,5 billion (92% spent or committed).
Other top performers were Safety and Security spending R444 million (99,2% spent), Human Settlements spending R960 million (98% spent), and Corporate Services with R655 million spent (96%).