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Nedbank CIB concludes R1bn funding facility for the IDC
Published: 10 Jun 24
Nedbank Corporate and Investment Banking (CIB) has concluded a R1-billion term funding facility for the State-owned Industrial Development Corporation (IDC) of South Africa. The funding will support the IDC in its mandate to promote industrial capacity, foster an inclusive economy and maximise development impact across various sectors, as well as assist the State-owned entity to secure capital from debt capital markets, development finance institutions and commercial banks.
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Nelson Mandela Bay Business Chamber launches think tank to drive job creation in ‘bay of opportunity’
Published: 10 Jun 24
One of the country’s most active business organisations the Nelson Mandela Bay Business Chamber (NMBBC) has launched a Local Economy Reinvention Think Tank, marking another step in its vision of unlocking the potential of the metro as a “bay of opportunity”.
The launch included the signing of a pledge by business leaders, committing to collectively adopting a united vision of unlocking the potential opportunities which Nelson Mandela Bay, in Gqeberha, in the Eastern Cape, has to become a diverse manufacturing base in Africa.
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NLCC’s work to continue, freight sector poised to transform in next two years
Published: 10 Jun 24
Business Unity South Africa president Mxolisi Mgojo says he is confident that work within the National Logistics Crisis Committee (NLCC) will continue as political parties grapple to form a coalition government post the national elections held at the end of May. “We partner with the government of the day,” says Mgojo.
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PIC lifts stake in Raubex above 25%
Published: 10 Jun 24
Infrastructure development and construction materials supply group Raubex Group has informed shareholders that the State-owned Public Investment Corporation (PIC) has acquired a beneficial interest in the shares of the company. This has resulted in the PIC now holding 25.33% of Raubex's total issued ordinary shares.
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Reform momentum must be sustained ‘regardless of the form or composition’ of new government
Published: 10 Jun 24
President Cyril Ramaphosa has underlined the importance of the new government – which is yet to be formed after no single party secured an outright majority in the recent elections – continuing with the economic reforms under way in the electricity, logistics, water and telecommunications sectors. Writing in his weekly newsletter days after the national executive committee of the African National Congress (ANC) agreed that it should initiate talks with other parties on the formation of a possible government of national unity (GNU), Ramaphosa insisted that there was “broad support for the continuation of economic reforms” that have been spearheaded under Operation Vulindlela.
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Gautrain marks 14 years of operations
Published: 10 Jun 24
Rapid rail network Gautrain on June 8 celebrated its fourteenth year of operation, having, thus far, completed about 192.8-million passenger trips. “The idea of a high-speed rail network with an 80 km route between the North, South and East of the Gauteng province, sounded like a pipe dream to many when the Gauteng Provincial Government announced it. Fourteen years later, 1 500 staff are employed across operations and administration of the Gautrain project and we have managed to maintain an average of more than 90% availability and punctuality across all Gautrain services,” says Gautrain Management Agency CEO Tshepo Kgobe.
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Lack of public transportation integration undermining service delivery
Published: 07 Jun 24
A lack of proper integration with regard to urban public transportation systems has led to inefficiencies and duplications, with some routes and areas being overserved while others suffer from a complete lack of service, Aecom Africa transport operations leader and market sector leader transit executive Chris Britz has said. Speaking during a Unitrans-hosted Transport Forum webinar on June 6, where challenges and opportunities facing the passenger road-based transportation sector of South Africa were discussed by various experts, he said South Africa’s public transportation was inefficient because of the fragmented nature of the day-to-day operations.
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CSIR conducting strategic environmental assessment for proposed Boegoebaai port, SEZ
Published: 07 Jun 24
The Council for Scientific and Industrial Research (CSIR) says it is leading the strategic environmental assessment (SEA) that is being undertaken for the Northern Cape’s planned green hydrogen production facilities in a proposed new special economic zone (SEZ), as well as a port, at Boegoebaai. The spatial area for the SEA includes the proposed port, the associated SEZ adjacent to the port and the broader Namakwa region.
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First-quarter contraction demonstrates GDP growth volatility – TIPS
Published: 07 Jun 24
GDP contracted by 0.1% in the first quarter of this year, underscoring the increased volatility of GDP growth since the Covid-19 pandemic started in 2020, said nonprofit economic research institution Trade and Industrial Policy Strategies (TIPS). The GDP declined in five quarters over the past three years, compared with nine from 1994 to 2018. The volatility resulted, in part, from extraordinary fluctuations in global mining prices, as well as shortfalls in infrastructure.
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