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Coega Welcomes 2019/20 EC Provincial Budget - published 5 Mar 2019

Coega Welcomes 2019/2020 EC Provincial Budget 

 

Against the President Ramaphosa plan last year to attract 1 trillion worth of new investment into South Africa, in this year`s Provincial budget an additional amount of R90 million over the Medium Term Expenditure Framework (MTEF) from the stimulus package is  was allocated to the CDC to support efforts of attracting investors into the province.

“We welcome the budget allocation. This could not have come at a better time, with the organization`s project pipeline exceeding expectations. As we stand, the CDC eyes are set on 10 projects worth R287 billion. This budget allocation will definitely assist in lobbing new investors with the intent of expanding our investment capacity.” commented Dr. Ayanda Vilakazi, CDC head of marketing and communication.  

 

“We welcome the provinces commitment to correct the baseline funding of the CDC for the MTEF,” adds Dr Vilakazi.

 

The CDC has identified over eleven (11) bankable projects, among some of them is Project Mthombo, which the CDC worked on as far, back as early 2008.

 

“We have done extensive groundwork in terms of site readiness and afforded an attractive site that would assist in playing a critical role in stimulating the EC Economy,” highlights Dr Vilakazi.

 

“The CDC has identified key sectors such as the Agro processing & Aqua culture to unlock potential projects that will leverage from the 800km of coast line of the Eastern Cape.”

 

“Lastly, the CDC’s growing capacity in attracting investors within various sectors like the automotive clusters which has seen exciting growth over the years, armed with investors within the fortune 500 companies, and major developments which continue to excite the market, we believe Coega is the ideal partner to walk with the province to deliver on critical projects that will unlock economic growth,” Dr Vilakazi concluded.

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