Gauteng Finance MEC Lebogang Maile eager to start a state bank

Gauteng MEC of Finance Lebogang Maile has outlined bold economic plans, saying a provincial state bank is on the cards.

He was speaking from the Gauteng Infrastructure Financing Agency in Sandton.

Maile stated that his aim to outline economic and financial issues was based on taking the people into confidence in the state of the provincial treasury and measures for economic development. He said these measures were already in place, including those that will be initiated to facilitate the urgent and critical alleviation of challenges confronting the province.


Provincial GDP has tripled in 30 years

As Gauteng has the biggest provincial economy in the country, Maile stated that the Gauteng GDP is currently standing at just over R2.4 trillion.

“This economy has tripled since 1994, when it stood at R710 billion. The Gauteng GDP per capita grew from R24 095 in 1994 to R126 547 in 2022. Employment in Gauteng grew from 3.4 million in 1994 to 5.06 million in 2022,” said Maile.

He added that despite Gauteng being the smallest province in South Africa by land area, covering only 1.5% of the country’s total land area, the province is the largest province by population size and population density.

He stated that black businesses should be given an opportunity to play a pivotal role in the economy of Gauteng.
Provincial state bank on the cards

Maile also spoke about the establishment of the provincial state bank.

“Intensification of efforts to finalise the establishment of a provincial state-bank. One of the key objectives of this bank will be to invest in projects characterised by low private sector investment and high social returns.


A full business plan informed by a thorough business case is underway and will be completed by the end of this financial year,” he said.

He also mentioned that his department will also be taking measures to facilitate the provision of suitable infrastructure. This includes worksites, social amenities, business information centres, and common usage facilities. These are necessary for the development of township-based enterprises.

Investing in manufacturing

“The department will invest in the manufacturing capacity of township enterprises to minimise reliance on procuring goods from major retailers. The Special Economic Zones (SEZ) programme, supported by intensive investment promotion, will be utilised to accelerate re-industrialization of the Gauteng City Region.

“The department will continue to support investment in the automotive sector, with special attention given to electric vehicles and autonomous vehicles,” said Maile.

The MEC also highlighted that the Gauteng Growth and Development Agency (GGDA) will be tasked with coordinating all provincial departments to take stock of their contribution towards making these SEZ’s successful.

He also addressed the challenges of unemployment faced by youth, women and people living with disabilities in Gauteng.

“The faces of our challenges are the youth, women and people with disabilities. As such, the department will increase its pace in improving the access of these social categories to development finance, artisanal skills, technology and economic infrastructure closest to their areas of residence,” he said. 

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