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Jeff Radebe promises transparency over funding of energy projects

The Energy Minister says in order to prevent a repeat of a controversial nuclear deal, the department has committed to keeping South Africans in the loop on the funding of future energy projects.

FILE: Energy Minister Jeff Radebe. Picture: GCIS.

JOHANNESBURG - Energy Minister Jeff Radebe says his department is applying an open book policy when it comes to the funds received from investors.

Radebe has given feedback on conversations held at the Investment Conference at the Sandton Convention Centre.

So far, 10 local and international companies have pledged to invest over R130 billion in the economy.

Radebe says in order to prevent a repeat of a controversial nuclear deal, the department has committed to keeping South Africans in the loop on the funding of future energy projects.

“As the Ministry of Energy, all investments, including the R53 billion of investment from the energy sector this year alone... these are all in safe hands because we’re committed to a transparent and accountable government.”

He says more pledges of investments were made during talks with investors on Friday.

“And today in the session there was a commitment, in fact, by Bidvest to put R1 billion in Richards Bay LPG. So, all these projects indicate that there's going to be a lot of action in the energy sector.”

Radebe says the government depends on the private sector for funding and on other government departments to ensure that those funds are put to good use.

(Edited by Zamangwane Shange)