BusinessCompany NewsSA finance minister sets aside £1bn for World Cup

SA finance minister sets aside £1bn for World Cup

Money will be used to build new stadiums and on security

Trevor Manuel, the South African finance minister, has announced a R15bn
(£1.06bn) budget to finance the hosting of the 2010 Fifa World Cup.

Most of the money will be spent on building new football stadiums and
refurbishing existing ones.

Plans for the World Cup were outlined while Manuel was delivering a
medium-term budget policy statement to parliament.

He told members of the national assembly that R8.4bn (£600m) would be spent
in building five new stadiums and upgrading existing facilities, while R6.4bn
(£455m) was to be invested in public transport initiatives and supporting
infrastructure.

The money will be spent over the next three years.

‘The 2010 Fifa World Cup provides South Africa and the region with a
once-in-a-generation opportunity to showcase our land and our hospitality in a
sporting festival that knows no bounds,’ Manuel said.

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