Formula E grand prix will be a R2bn windfall for Cape Town

Hosting the country’s first Formula E electric street racing series in just over a week’s time is expected to inject an estimated R2bn into the local economy of Cape Town. 

Officially known as the ABB FIA Formula E Championship, the event on February 25 will feature third generation electric racing cars whizzing around a 2.94km-long track at speeds of up to 320km/h.

The track winds though the Green Point and Waterfront precincts with a backdrop of Signal Hill.

Finance and economic opportunities MEC Mireille Wenger said: “The demand for a green, more resilient future has never been greater, for the world and for South Africa.

“The R2.13bn in direct and indirect economic impact generated by this event in the first year, including R481m in global destination exposure, is very welcome, especially in these challenging times.