The Nelson Mandela Metropolitan Municipality (NMMM) has formed a development agency to promote investment and the regeneration of the city centre and harbour areas. Speaking at the launch of the agency, Councillor Mike Kwenaite said that the development agency, which will be funded with a pre-establishment grant from the Industrial Development Corporation (IDC), will act as a dedicated vehicle of the council to undertake major economic and tourism projects. The team which will drive the project will consist of a Board of Directors, a senior manager, marketing and communications manager, financial manager, land and planning manager and a corporate and legal service manager. Some of the projects to be handled by the agency include the development of a comprehensive public transport system and facilities, the rehabilitation of the certain areas and finding new uses for the existing harbour and its railway stations. The agency will also be tasked with attracting public, private and international funding and partnerships. The agency expects to be ready to take over full management and administration of the geographically designated area within fourteen months of its establishment. The agency is also expected to become financially self sustainable within this period.