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Funding needed to support gas energy projects in SADC – Radebe

Jun 26 2018 19:44
Lameez Omarjee

Financial resources are needed to exploit gas resources in the Southern African Development Community (SADC), says Energy Minister Jeff Radebe.

He was speaking at the SADC ministerial workshop on regional gas infrastructure and market development in Sandton, Johannesburg on Tuesday.

"Exploitation of gas resources in the region needs to be complemented by financial resources. Attracting finance of the infrastructure and associated projects will require a good investment climate such as right regulatory framework, enforcement of contracts, no corruption to attract investors and secure capital," he said.

Raising capital is a "major challenge" and multilateral, private financial institutions and development financial institutions are needed as strategic partners to provide funding. Commercial banks and development finance institutions like the newly formed BRICS Bank are being engaged with for guidance, said Radebe.

During his address, Radebe also explained that the natural gas reserves would present opportunities for industrialisation in the SADC region. This would boost economic growth, create jobs and attract more investment in the region.

Radebe added that the region should not limit itself in being a gas exporter, as there are opportunities to develop gas extraction, infrastructure and market development in the SADC region.

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jeff radebe  |  sa economy  |  energy  |  gas

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