Buffalo City Metro has secured close to R3-billion for upgrades to the East London Port in the next financial year.
Outgoing executive mayor Alfred Mtsi revealed this yesterday during his state of the metro address.
He said the establishment of BCM as a freight and logistical hub was under way and a commitment had been made by Transnet to finance the upgrade to the tune of R2.9-billion.
Mtsi said the funds would be used for “redevelopment” of the port infrastructure, a move he said was set to attract more investment for the city and create more job opportunities.
Speaking to the media yesterday ahead of his second and last state of the metro address, Mtsi said the money would be used to upgrade the port’s infrastructure.
“We are supporting all initiatives for the upgrading of our port which has got the potential to serve as a hub that will attract more investment to the city. We believe that the more our port is utilised, the more investment will come our way,” said Mtsi.
He added Mercedes-Benz had been knocking on the metro’s doors “for some time saying in terms of their long-term plans, they intend to increase their production which they export abroad”.
“They (Mercedes-Benz) told us that as part of their production expansion, they are intending to use bigger vessels to export their products and hence the need for upgrading our port”.
Mtsi also revealed that over the past three years 48 BCM citizens had died as a result of illegal electricity connections in informal settlements.
As a result, Mtsi said, an amount of R15-million had been committed for electrification of informal settlements, and R400-million had been invested in recent years for the development and upgrading of the metro’s troublesome bulk electricity infrastructure.
He revealed that 887 informal dwellings had received electricity connections this financial year.
Turning to road infrastructure, Mtsi said the metro had “notable maintenance backlogs” compounded by increased utilisation of the roads.
“Over the past year we have done our best to ensure that roads are maintained to a suitable standard, in spite of having received only 35% of the required funding.
Mtsi said in the latest annual municipal financial stability index conducted by Ratings Africa, the city was rated as the country’s second most financially stable metro, falling just two points behind Cape Town.
“Furthermore we have achieved a credit rating of A, which signifies a strong cash position in the long term, with minimal exposure to long-term debt. We are largely financially self reliant,” he said. — asandan@dispatch.co.za
Billions secured to upgrade East London Port
Outgoing executive mayor Alfred Mtsi revealed this yesterday during his state of the metro address.
He said the establishment of BCM as a freight and logistical hub was under way and a commitment had been made by Transnet to finance the upgrade to the tune of R2.9-billion.
Mtsi said the funds would be used for “redevelopment” of the port infrastructure, a move he said was set to attract more investment for the city and create more job opportunities.
Speaking to the media yesterday ahead of his second and last state of the metro address, Mtsi said the money would be used to upgrade the port’s infrastructure.
“We are supporting all initiatives for the upgrading of our port which has got the potential to serve as a hub that will attract more investment to the city. We believe that the more our port is utilised, the more investment will come our way,” said Mtsi.
He added Mercedes-Benz had been knocking on the metro’s doors “for some time saying in terms of their long-term plans, they intend to increase their production which they export abroad”.
“They (Mercedes-Benz) told us that as part of their production expansion, they are intending to use bigger vessels to export their products and hence the need for upgrading our port”.
Mtsi also revealed that over the past three years 48 BCM citizens had died as a result of illegal electricity connections in informal settlements.
As a result, Mtsi said, an amount of R15-million had been committed for electrification of informal settlements, and R400-million had been invested in recent years for the development and upgrading of the metro’s troublesome bulk electricity infrastructure.
He revealed that 887 informal dwellings had received electricity connections this financial year.
Turning to road infrastructure, Mtsi said the metro had “notable maintenance backlogs” compounded by increased utilisation of the roads.
“Over the past year we have done our best to ensure that roads are maintained to a suitable standard, in spite of having received only 35% of the required funding.
Mtsi said in the latest annual municipal financial stability index conducted by Ratings Africa, the city was rated as the country’s second most financially stable metro, falling just two points behind Cape Town.
“Furthermore we have achieved a credit rating of A, which signifies a strong cash position in the long term, with minimal exposure to long-term debt. We are largely financially self reliant,” he said. — asandan@dispatch.co.za
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