Finance guarantees for Commonwealth Games signed
Government expects about R20-billion in output to the economy.
MINISTER of Sport and Recreation, Fikile Mbalula, has confirmed that the processes relating to the finance guarantee for the 2022 Commonwealth Games have been finalised.
“We have consistently indicated that the South African government was and remains committed to the hosting of these Games. We have further highlighted that the South African government in the interest of prudency and fiscal discipline, was engaged in an intra-governmental processes related to the necessary and required finance guarantee.
“The Minister of Finance has now signed the Finance Guarantee to the Commonwealth Games Federation. This has now paved the way for government to convene the Inter-Ministerial Committee (IMC) on the Games,” he said.
The Minister said the IMC that will be chaired by Deputy President, Cyril Ramaphosa, will conclude the work of the bidding company and wind its affairs down and also constitute a hosting company that will act as a Local Organising Committee (LOC).
“The South African government through the Department of Sport and Recreation South Africa, as a lead department remains committed to the hosting of these games and remains confident that South Africa will deliver quality and highly successful Games,” said Mbalula.
Government expects about R20-billion in output to the economy which translates to R11 billion in Gross Domestic Product (GDP) growth will be delivered by the 2022 Commonwealth Games.
