The provincial government of Gauteng is hoping to spend its way out of the current economic slowdown after earmarking R40bn in its 2009/10 budget for infrastructural projects over the next three years.

The Gauteng Provincial Government (GPG) said these investments would include transport projects, construction projects and roads and related infrastructure for the 2010 FIFA World Cup.

“We are hoping that by rolling-out this massive infrastructural programme, economic centers that are hidden, scattered, or badly utilised will be ignited and channeled towards the creation of new wealth that is required to achieve high rate of economic growth and development,” said Gauteng Finance and Economic Development MEC Mandla Nkomfe.

The provincial government also urged development finance institutions to explore new ways of financing strategic infrastructural projects.