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Business In The News South Africa

NMB capital spending at seven year high under coalition government

PORT ELIZABETH, July 30 – Nelson Mandela Bay (NMB) municipality’s financial position is now the most stable it has been in almost a decade, the city said on Sunday.

The new coalition government in NMB had recorded capital spending of 93 percent in the 2016/17 financial year – the highest spend since before the 2010 Soccer World Cup, the city said in a statement.

“Paired with a collection rate of 93.7 percent, the municipality’s financial position is now the most stable it’s been in almost a decade. Infrastructure-led growth is crucial to ensure that Nelson Mandela Bay is an opportunity and well-run city. By spending our capital budget, the municipality is working to advance communities and drive economic growth through development,” the statement said.

The final quarter of the 2016/17 financial year saw tens of kilometres of road tarred, pavements repaired, painting of new road markings, the rehabilitation of parks, and clean ups of public open spaces.

“This sets an important benchmark for subsequent years, as this government works to ensure that the municipality keeps moving forward, spending money on our people through basic service delivery and economic growth,” the city said.

– African News Agency (ANA)

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