Delivering his budget vote speech on Wednesday, Gigaba said that the Durban "dig out" port would require at least R100m.
This port will be built on land that was previously the Durban International Airport and will require the excavation of millions of tons of earth so that it may be used as a shipping harbour.
"A project of this scale will only be possible in partnership with the private sector and we have already started developing a relevant implementation plan," he said.
Gigaba said Transnet's Market Demand Strategy was a concrete response to government's vision that state-owned enterprises, with the key elements being changes in the way they plan, fund and procure their investment programmes.
He said that critical to this strategy was that 55% of capex would be investments in new logistics capacity, which goes beyond the predominantly maintenance expenditures of previous plans.
Of Transnet's R300bn capex plan, R200bn will be funded through retained earnings and the remainder will be raised from the market.
Gigaba said that in the next medium term expenditure framework period R107bn would be spent, with R31bn budgeted for this financial year.
"Quite clearly, this massive capacity growth should unlock pent up demand for logistics capacity and serve as a much needed stimulus to growth and job creation," Gigaba said.
He said that the plans also included the expansion of existing logistics corridors and new ones would be established and that 1317 locomotives and 25 000 new wagons be procured by 2020.
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