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'Proposed infrastructure fund will encourage private sector to participate'

Cyril Ramaphosa says through this structure that they are creating, they'll be able to create economies of scale, have a megafund that will be able to galvanise even the private sector to participate in this.

President Cyril Ramaphosa delivers the 19th Annual Steve Biko Memorial Lecture at the University of South Africa. Picture: @PresidencyZA/Twitter.

PRETORIA - President Cyril Ramaphosa has described the proposed infrastructure fund as a megafund which will encourage the private sector to contribute to economic growth.

Ramaphosa announced the government's economic stimulus package in Pretoria on Friday which includes a R400 billion infrastructure fund.

Other areas to receive attention include the township and rural economies.

Ramaphosa says the R400 billion infrastructure fund will streamline development.

“Through this structure that we are creating, we’ll be able to create economies of scale, have a megafund that will be able to galvanise even the private sector to participate in this.”

He says they’ve already received buy-in from big business.

“The private sector has been invited to enter into meaningful partnerships with us and we have spoken to a number of them in banks and pension funds, insurance companies and they are hugely excited.”

The full details of the plan will be revealed at the medium-term budget policy statement at the end of next month.

(Edited by Refilwe Thobega)

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