Government to invest R100bn to boost port infrastructure
President Cyril Ramaphosa has announced spending of R100 billion over the next five years to boost the state of the country’s ports.
Ramaphosa briefed the media in Cape Town on Tuesday.
The president launched the National Ports Authority, which has been established as an independent entity under Transnet to improve the state of South Africa's ports system.
Ramaphosa said the money to boost infrastructure will be invested over the next five years.
"This will do in upgrading infrastructure across the port system.
"Transnet is following in the steps of ports in a real note of Singapore and I think we have the capabilities to do it.
"Achieving this target of investing an R100 billion rand in the next five years will rely on leveraging private capital to show up the contributions of the state and establish world-class infrastructure at our ports."
The state will remain the sole owner of all port infrastructure.
"I wish to make it clear that state ownership of the ports remains our policies and will remain at that," assured Ramaphosa.
"All of our ports and as well as our rail infrastructure are strategic national assets that belong to the people of South Africa, that is why the national ports authority and its assets will remain in the ownership of the states."
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