Cape Town has set a countrywide record for the largest single-year infrastructure investment totalling R9.4 billion for the 2023/2024 financial year.
In total, 94% of the City of Cape Town’s infrastructure budget was spent or contractually committed to the reporting period.
The municipality’s energy directorate spent R1.1 billion (94.25%); Water & Sanitation R3.3 billion (93%), Urban & Mobility R1.5 billion (92%), Safety & Security (99.2% spent, R444 million), Human Settlements (98% spent, R960 million) and Corporate Services (96%, R655 million).
“At a combined R39.5 billion for the next three years, our infrastructure budget is 80% bigger than the next biggest city – Johannesburg – and almost 100% bigger than the third biggest, Durban. The vast bulk of this spend – a full 75% – is earmarked for projects that will directly benefit our metro’s lower income households,” commented Cape Town Mayor, Geordin Hill-Lewis.
The municipality estimates that just the construction industry jobs alone from the three-year infrastructure spend will be in the region of 130 000.
The City estimates that for every additional R100 million in national funding received, a further R800 million can be leveraged in infrastructure loan financing where needed, given the City’s strong financial position and improved credit rating.
“The census clearly shows major growth in Cape Town, which is set to become SA’s largest city. We continue to engage in correspondence with National Treasury, expressing the urgency of bringing our allocation of grants – particularly housing grants – as well as our equitable share in line with the latest census data.”
