Business Insider article South Africa’s smart financial centre is ready for operation.
It will be the first of its kind in the world, and will include the country’s most advanced and efficient financial centre, the country will be home to a global network of banks, financial advisers, insurance companies and a network of other financial institutions, including some of the world’s biggest banks.
The centre is being built on the site of the former R&D centre, where it is expected to be operational for about a year, and it will be funded by the South African government, which has already committed $1 billion to the project.
“The Smart Financial Centre will be a transformative investment in the future of South Africa,” President Jacob Zuma said in a statement announcing the move to the centre.
Read moreSouth Africa’s $1.2bn smart centre project is now up and running in South KwaZulu-Natal, with the government announcing that the centre will open in 2019.
The project is set to open in late 2019.
Zuma has pledged $1b for the project, which will have about 1,600 employees, a $1,000 annual salary for every employee, a 10-year plan to build and upgrade the centre and other infrastructure, and other projects.
According to South African daily Times New Zetland, the South Africa central bank has committed to provide $1m per annum for the smart financial centres, and that they will cost the country $200m each.
South Africa is set for a $2.2 billion economic boom in the years ahead, with new manufacturing, infrastructure and other investments expected to boost the countrys economy.
In addition to the $1billion commitment from South Africa, the European Union has also announced a $500m loan for the construction of the smart centre, with a further $1 million in private funding to be announced later.
More to come.