9.9 C
Johannesburg
Wednesday, May 22, 2019
Home Breaking News Finance Minister allocates R1bn to broadband

Finance Minister allocates R1bn to broadband

 

South Africa’s Finance Minister Nhlanhla Nene announced on Wednesday that R1 billion would be allocated to rollout broadband and broadcast digital migration. By Staff Writer


The revised MTEF (medium-term expenditure framework) shifts about R9 billion from within existing baselines to priority programmes, said the ministry.

“About R1 billion will be shifted for the rollout of broadband infrastructure and broadcast digital migration,” said Nene, during tabling in parliament of the medium term budget policy statement on Wednesday.

The statement added that about R4.8 billion is reprioritised for upgrades and maintenance of the national and provincial road networks, R1.4 billion has been identified to support provincial public transport.

“The National Treasury will continue to work with line departments to encourage better alignment of budgets with medium-term strategic framework priorities,” said Nene.

Vodacom sale proceeds

Nene said that government proposed to “use R2 billion from its sale of Vodacom shares for South Africa’s initial capital contribution to the New Development Bank.

He added that the share sale is expected to yield total receipts of R25.4 billion, of which R23 billion has been provided to recapitalise Eskom.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Smile Telecoms Appoints Ex-MTN South Africa As New Group CEO

Ahmad Farroukh, a former CEO of MTN South Africa, has been appointed as Group Chief Executive Officer of Smile Telecoms. Farroukh is currently group executive...

Telkom’s Chairman-In-Waiting Sello Moloko Buys Stake in Tech Firm KID

Sello Moloko, Telkom's chairman-in-waiting, has bought a 40% stake in Knowledge Integration Dynamics (KID) for an undisclosed amount. Moloko has acquired the shareholding in KID...

African Bank Launches MyWORLD, A New “Shared Banking” Account

African Bank today officially launches its transactional banking offering called MyWORLD to South Africans. The bank said the introduction of MyWORLD has elevated it to...

VALR Launches Bitcoin-Rand Trading

VALR, a digital asset trading platform, is planning to launch rand trading, enabling its customers to buy Bitcoin with rand. The company said trading will...

How AI Is Transforming Business Travel

by Anique Drumright It’s no secret that the travel industry has become digital-first over the last several years. In fact, research shows that 60% of leisure and about...