A transformative development project is set to revolutionize the area surrounding the Vaal River, as a massive investment of R1.4 billion will fuel the construction of a mega city and a new airport.
The project, known as the Vaal River City Interchange, was first mentioned by President Cyril Ramaphosa during the presidential imbizo in August 2022, and a site visit by Paul Mashatile followed in April 2023.
The primary objective of the project is to upgrade the Ascot intersection on Vaal Road, enhancing connectivity and improving traffic flow in the region.
To support this ambitious endeavor, Citigroup has partnered with the Gauteng provincial administration, providing a seven-year loan facility of R1.4 billion. The investment is expected to attract additional investments totaling over R30 billion.
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The Vaal River Mega City will be a mixed-use development, featuring an international airport, a logistics hub, manufacturing facilities, and agricultural centers. This public-private partnership aims to propel the Vaal area into a thriving metropolitan region, positioning it as a prominent business destination and generating economic growth.
The construction of the mega city and the upgrade of the Ascot intersection commenced in March 2023, and the project is already making a significant impact on job creation.
During the construction phase, up to 10,000 jobs will be created, with an additional 19,000 jobs available once the project is completed and operational. This development not only promises economic opportunities but also aims to drive long-term growth in the region.
