Business leader welcomes move to create KZN provincial wealth fund to boost economic development
Brian Mpono, CEO of the Oceans uMhlanga mixed-use development has welcomed the creation of the provincial wealth fund.
Image: Doctor Ngcobo Independent Newspapers
A KwaZulu-Natal business leader has hailed the establishment of a provincial wealth fund as a significant and progressive step towards accelerating inclusive economic development in the province.
The creation of the wealth fund is one of the resolutions taken at a recent meeting between the private sector and government, which focused on new regulations designed to streamline public-private partnerships (PPPs) for implementing catalytic projects in KZN.
Brian Mpono, the Chief Executive Officer of one of Durban's premier developments, the Oceans uMhlanga mixed-use development, expressed strong support for these bold steps towards catalytic growth in the province.
“We commend the Department of Finance for convening last week’s strategic dialogue on PPP regulations and investment mechanisms. The resolutions emerging from this engagement — particularly the creation of a dedicated fund to support catalytic projects and a centralised platform to streamline PPP implementation — reflect a serious commitment to driving infrastructure-led growth and private sector collaboration.”
Mpono highlighted that the wealth fund, if governed with integrity and structured effectively, has the potential to transform how major development projects are financed and executed. He noted that KZN stands at a critical juncture, with opportunities to unlock growth through investment in infrastructure, energy, ICT, and water and sanitation.
In the infrastructure sector, he said, the fund could unlock long-delayed projects such as logistics corridors, regional transport networks, and the revitalisation of public healthcare and educational facilities.
In the energy sector, he said immediate opportunities include supporting decentralised renewable energy projects, battery storage, and grid infrastructure — all vital for addressing load shedding and improving energy access across municipalities.
He added that the ICT sector, particularly in rural and peri-urban areas, stands to benefit from fibre expansion and digital infrastructure investments, which are key to enhancing service delivery and job creation in the digital economy.
Mpono also emphasised the importance of creating a One-Stop Shop, which can serve as a centralised, efficient platform for managing permits, approvals, and project coordination across various spheres of government.
“For these initiatives to succeed, it is essential that they are guided by experienced and visionary business leadership. We encourage the inclusion of seasoned private sector leaders — such as Vivian Reddy and others — who bring operational knowledge, strategic foresight, and a proven track record of delivering large-scale projects. Their leadership will be crucial in ensuring commercial viability, proper risk management, and scalable, high-impact solutions.”