Govt plans to spend R940bn on infrastructure in next 3 years - Ramaphosa

CAPE TOWN - President Cyril Ramaphosa set out the key priorities of the Government of National Unity (GNU) in his State of the Nation Address (SONA) on Thursday evening, with economic growth and job creation topping that agenda.

Ramaphosa said that his government was looking to undertake massive investment to raise economic growth above three percent. 

The government plans to spend R940 billion on infrastructure in the next three years.

ALSO READ

• FULL SPEECH: President Cyril Ramaphosa's 2025 SONA

• SONA 2025: South Africans are resilient and will not be bullied, says Ramaphosa

• SONA 2025: Ramaphosa honours 14 SA troops who perished in DRC conflict

In his ninth State of the Nation Address, President Ramaphosa has tried to rally parties behind the vision he said would reduce poverty and inequality in the country.

He pleaded with political parties to get behind a massive infrastructure-led growth plan. 

This would include engaging local and international financial institutions to unlock R100 billion in infrastructure financing. 

Ramaphosa said that his government would develop innovative ways of funding infrastructure. 

"Investors are looking at South Africa with much more interesting eyes as they see the reforms that we are implementing through Vulindlela."

Ramaphosa said a project preparation window had already been launched to fast-track investment readiness.

This includes revised regulations for public-private partnerships, which will unlock private sector expertise and funds.