Johannesburg - Gauteng is seeking ways to work with private sector
financial bodies to find money for infrastructure projects, finance MEC
Mandla Nkomfe said on Thursday.
"The key issue is how the provincial government and the
financial services sector could work together to make the Global City
Region a globally competitive one," he told a financial services summit
He wanted this region, which includes Johannesburg,
Pretoria and Ekurhuleni, to compare with the best financial centres in
the world, such as London, New York, Hong Kong and Shanghai.
It was not necessary to debate which sector - public
or private - delivered more effectively, but rather to look at how
public-private partnerships could work together to make their nation a
Although Gauteng is South Africa's wealthiest
province, it has a massive infrastructure backlog for historical reasons
and due to the large influx of immigrants.
"It is thus faced with major infrastructural pressures
leading to demands for new schools, hospitals, roads, electricity, water
and sewerage, recreation facilities," he said.
The private sector is holding huge capital reserves, so
the key is how provincial government could create the right
environment to attract some of this capital to finance projects.
Litha Nyhonya, chairperson of Regiments Capital, a sponsor
of the summit, said South Africa has around R1.5 trillion available in
savings and pension funds.
Of this, about R525bn is estimated to be in Gauteng.
The summit would look at how government and the
financial sector could find new and creative ways to work together to
Nkomfe emphasised this would not be another talk shop.
"Let's ensure that whatever we decide here today it's something we can implement," he said.
Gauteng's infrastructure budget for 2012/13 is R30.19bn.
Participants in the one-day summit include provincial
government, development finance institutions, banks and pension fund