R1.4 billion investment into Vaal River Mega City and airport
BEDWORTH PARK. - The US lender Citigroup Inc. will fund nearly R1.4 billion towards the Vaal River Mega City project in Bedworth Park.
The project at the Vaal River City Interchange between Vereeniging and Vanderbijlpark will include a mega-city with a mixed-use metropolitan development, an international airport, along with logistics, manufacturing and agricultural hubs.
Peter Taylor, head of City South Africa, said the US lender will make a seven-year loan facility available to a special purpose vehicle that will directly invest in infrastructure for the Mega River City on the banks of the Vaal River. The project was first revealed in 2015, with an estimated development cost of between R7 billion and R11 billion.
President Cyril Ramaphosa also mentioned the project during his visit to the Vaal as part of his presidential imbizo in August 2022.
According to Taylor the development could attract as much as R30 billion in additional investment.
Gauteng, South Africa’s wealthiest province, wants to boost economic development and create more jobs.
Certain corridor sites within the province were identified for this purpose and the Vaal was one of them.
The planned developments has also necessitated upgrades to roads in the area.
Work has already started on the Vaal River City Interchange which is strategically located on the R42 and will connect Vanderbijlpark, Vereeniging, Powerville and Bedworthpark.
The interchange will also improve connectivity and enhance traffic flow.
