- President Cyril Ramaphosa has revealed plans to build a R30-billion mega-city near The City of Tshwane in Gauteng
- The ambitious project hopes to help South Africa dig itself out of the current economic rut it finds itself in
- The project hopes to create thousands of jobs and provide tens of thousands of affordable houses for the poor
President Cyril Ramaphosa has revealed South Africa's new plan to develop a mega-city in order to help pull the country out of the current economic slump.
The Mooikloof project will involve heavy investment in infrastructure development. The new city will be located in Gauteng and aims to provide affordable housing and create jobs with the aim of helping the most vulnerable.
This won't come cheap at the project is estimated to cost tens of billions of brands. The new city will be located to the east of The City of Tshwane and will cover an estimated 200 hectares.
The ambitious project plans create the following:
- 50 000 apartments
- 15 000 family units
- The apartments will sell for anything between R495 000 and R799 000 excl VAT
- Create 41 000 jobs
Earlier, Briefly.co.za reported that President Cyril Ramaphosa met with the National Economic Development and Labour Council to finalise discussions on plans that will be implemented to help South Africa recover from jobs lost as a result of the Covid-19 pandemic.
It also includes plans to help the economy recover after it had also experienced a serious blow after the pandemic. According to Ramaphosa, structural reforms, investment in infrastructure and other measures will be taken to gradually but imminently regrow the economy.
Earlier this week StatsSA revealed that the unemployment rate, when counting those who are actively searching for jobs stands at 23.3% compared to the unemployment rate before the pandemic, which was 30.1%.
In other news, reports have surfaced which reveal that the African National Congress (ANC) is working on plans to create a state-owned bank which will use pension funds to gain access to favourable rates.
A report published by the Sunday Times on Sunday Augst 16, which revealed that the ANC has developed a recovery plan and one of the efforts involved would be an effort to invest in state infrastructure.
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