Govt using Mooikloof megacity development to revive the economy

Government is making plans to make use of big building project to revive the economy.

Mooikloof Megacity residential complex in Pretoria will give access to low-income earners to housing.

The R30 billion strategy will also bring about creation of about 41,000 jobs. The aim of this project is to overturn apartheid town planning.

Balwin Properties CEO, Steve Brookes said:

“Out of everything bad in history something good comes and we’ve got 50,000 apartments for previously disadvantaged peoples, right in the heart of Mooikloof, in a wealthy upmarket suburb.”

This step could probably kickstart the economy.

President Cyril Ramaphosa said:

“The emphasis, of course, will be on these types of infrastructure projects, to be spread across the country, so that they become the mini fly-wheels of the economic recovery that we want because they are a great job creator.”

The project is being led by the President’s office, which signals the new proposition.

Presidency Investments and Infrastructure head, Kgosientso Ramokgopa said:

“We know that COVID has decimated whatever was left of the fiscal headspace, so we need to financially engineer this project. To allow for private-sector money to be exploited to provide accommodation for low-income housing.”

The government has decided to take it upon itself to keep a close watch on the money.

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