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There’s an Afrikaans saying: “Tussen die hand en die mond val die pap op die grond [Between the hand and the mouth the porridge drops to the ground].” That seems like the SA government’s modus operandi,  not least in its infrastructure ambitions. So each time a new infrastructure investment fund rears its head, the excitement in the market is probably not what it could be.

The government, after all, has grandiose plans to bolster SA’s infrastructure. Patricia de Lille, minister of public works & infrastructure (which includes fencing the country’s borders), in February laid out the National Infrastructure Plan 2050. According to her department’s calculations, the country will need about R6-trillion between now and 2040 to meet the National Development Plan’s rather ambitious target of 30% of GDP spent on gross fixed capital formation, or infrastructure...

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