City of Tshwane sets itself investment target of R5bn in bid to turn municipality around

JOHANNESBURG - The City of Tshwane has set itself a massive investment target of R5 billion in a bid to turn the municipality around.

The city hopes to woo investors at its upcoming inaugural investment summit in September.

Tshwane Mayor Nasiphi Moya briefed the media on plans to revive underperforming assets, including the Rooiwal power plant, Wonderboom airport, and the troubled fresh produce market.

Moya said the upcoming summit will showcase the city as a viable investment destination.

"These assets alone will not be enough to revive the city’s economy. As such, during the summit, the administration will reveal a comprehensive support package to investors. Some investors in the city are already benefitting from the work we have begun in this regard. We have reconfigured Tshwane’s strategy investment committee to make sure that we fast-track the mutually beneficial investment ventures in our city."

She said investment in the city will help plug some gaps in its revenue and service delivery plans.

"We can provide all the support, ladies and gentlemen. If we do not provide reliable infrastructure, if we cannot commit the city in provision of water and electricity, no investor will have confidence in us. As such, the City of Tshwane is taking critical interventions to address longstanding infrastructure challenges."