Gauteng allocates R10bn for development corridors
The Gauteng government has set aside R10-billion of its R95.3-billion 2015/16 budget to fund its five development corridors across the ‘City Region’.
Gauteng contributes R1-trillion, or 34%, of the country’s gross domestic product (GDP) and almost 10% of Africa’s GDP.
Finance MEC Barbara Creecy said the corridors, while dependent on each other, would seek to tap into their respective advantages. Over the next three years, the province and various Gauteng municipalities would spend over R100-billion on physical assets and capital transfers in the City Region.
The Central Development Corridor, embracing much of Johannesburg and Soweto focussed on the financial sector, information and communications technology and pharmaceutical industries.
The Eastern Development Corridor, including much of Ekurhuleni, was basing its development on manufacturing, logistics and transport industries.
In the Northern Development Corridor, anchored around Tshwane, the automotive sector and the knowledge-based economy were seen as the main drivers.
The Western Corridor was focusing on new blue and green economic initiatives, as well as tourism, agro-processing and logistics.
The Southern Corridor is anchored around river tourism and agro-processing between Walkerville and Vereeniging.
The corridor plan was also aligned to the province’s transformation, modernisation and re-industrialisation programme, towards which R7.3-billion had been directed for the coming fiscal year.
Through the initiative, Gauteng aims to invest in economic infrastructure as the key stimulator of growth, while also pursuing infrastructure partnerships with the private sector.