- The City of Cape Town has approved the concept of a mixed-use development beginning in the next three to five years
- Reports have stated that around 19 000 jobs have been promised to people involved in the execution of the development
- Phase one of the constructions of the development will reportedly provide over 5 000 jobs to South Africans
A R4 billion 150 000m2 development in Observatory, Cape Town has been given the green light by the City. The construction of the mixed-use development will be predominantly utilised by the US conglomerate Amazon.
Reports state that around 19 000 jobs have been promised to people who are responsibly for executing the massive project. Dan Plato, Executive Mayor of Cape Town, said that the development has been approved by the Liesbeek Leisure Properties Trust.
Plato added that the new development will give the City of Cape Town's economy a "significant boost" especially after the detrimental impact the Covid-19 pandemic has had on the country.
Moneyweb reported that while the development has been approved there are conditions that have been made for further stages of approval so that this is not solely a concept. The report continued by saying that the developer needs to give in-depth plans on different aspects of development.
Construction of the development is expected in the next three to five years. The City of Cape Town stated that the construction of phase one will provide around 5 200 jobs.
A report by The South African stated that Plato spoke on the development offering economic, environmental and social benefits in the area. Plato added that the City is committed to revitalising the economy by driving investments. This is allowing for a slow recovery from the impact of the global pandemic.
In other business news, Briefly News previously reported that an injection of R14.5 billion ($1 billion) from the New Development Bank (NDB) to help South Africa recover from the effects of Covid-19.
The NDB released a statement explaining that the loan is intended to help South Africa get back on its feet economically after national lockdowns and international travel bans have wreaked havoc on the South African economy.
The bank consists of the BRICS nations (Brazil, Russia, India, China and South Africa) and it is a financial institution established by the group.
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