Finance Minister Malusi Gigaba has highlighted the potential that public-private partnerships have in boosting township economies and transforming the economy.
This, as he told the nation to tighten their purse strings during his Budget Speech on Wednesday afternoon in Parliament.
The Minister used Bridge City as an example of a successful public-private partnership which is unlocking social and economic transformation in KwaZulu-Natal.
“On a visit to the Bridge City hub in eThekwini, I saw first-hand the transformative potential of coordinated public investment in reviving township economies through public and economic infrastructure investments and catalysing private sector investments,” said Gigaba.
Bridge City, north of Durban is a joint venture between eThekwini Municipality and private company, Tongaat Hulett. Through the infrastructure partnership, an urban precinct links adjacent areas to each other and to the wider metropolitan region.
The hub is founded on the existing rail service with a rail station located just under the Bridge City shopping centre. The Bus Rapid Transport (BRT) routes currently being built between Bridge City and surrounding centres, has increased interest in the hub as a decentralised residential and commercial town area.
Encouraging the private sector, Minister Gigaba called on “all urban development stakeholders to work imaginatively to transform township economies”.
The private arm of the project, Tongaat Hulett, which is an agriculture and agri-processing business said it is looking for more development partners who share the common vision to present the best economic opportunities for South Africa and for the KwaZulu-Natal community.
“We have invested in this development together with the city because we have a deep understanding of the challenging socio-economic profile of our region.
“We are actively seeking development partners and investors who share this vision and are able to deliver products that meet the goal of a truly integrated mixed use development that represents the vision of a new urban future for South Africa,” said Tongaat Hulett’s Managing Director Mike Deighton.
Deighton, who is responsible for the company’s land conversion and development, said Hulett has a unique portfolio with a well-established development platform.
It is through this platform that Hulett ensures that property is developed in such a way that it opens up economic opportunities for the locals and the country. – SAnews.gov.za
