The African Development Bank (AfDB) is committing $2.8bn (R40.87bn) over the next five years to support private sector investment in SA, the institution's president said on Thursday.
The government is seeking to foster a rebound from the global pandemic, which temporarily shuttered large swathes of the economy and helped push unemployment rates to record levels.
The support from the AfDB will target agriculture, renewable energy, transport, youth employment, health and vaccine manufacturing, Akinwumi Adesina announced at the South African Investment Conference in Sandton.
The bank is already supporting SA's struggling state-owned companies, and is preparing a $400m (R5.83bn) loan package to help coal-dependent power utility Eskom transition to renewable energy.
“We will now move to support the drive towards renewable energy strongly in SA as you drive towards net zero emissions,” Adesina said.
Soon after coming to power in 2018, President Cyril Ramaphosa set a goal to raise $100bn (R1.46-trillion) in new investment over five years to revitalise an economy long plagued by recessions and slow growth.
On Thursday, he said SA was two-thirds of the way towards reaching that goal.
“You see opportunities in this country. You see beyond the difficulties and the challenges,” he said during a speech to investors. “Your investments are making a difference in our country and our local communities.”
African Development Bank to commit $2.8bn to private sector investment
Image: GCIS
The African Development Bank (AfDB) is committing $2.8bn (R40.87bn) over the next five years to support private sector investment in SA, the institution's president said on Thursday.
The government is seeking to foster a rebound from the global pandemic, which temporarily shuttered large swathes of the economy and helped push unemployment rates to record levels.
The support from the AfDB will target agriculture, renewable energy, transport, youth employment, health and vaccine manufacturing, Akinwumi Adesina announced at the South African Investment Conference in Sandton.
The bank is already supporting SA's struggling state-owned companies, and is preparing a $400m (R5.83bn) loan package to help coal-dependent power utility Eskom transition to renewable energy.
“We will now move to support the drive towards renewable energy strongly in SA as you drive towards net zero emissions,” Adesina said.
Soon after coming to power in 2018, President Cyril Ramaphosa set a goal to raise $100bn (R1.46-trillion) in new investment over five years to revitalise an economy long plagued by recessions and slow growth.
On Thursday, he said SA was two-thirds of the way towards reaching that goal.
“You see opportunities in this country. You see beyond the difficulties and the challenges,” he said during a speech to investors. “Your investments are making a difference in our country and our local communities.”
MORE:
RECORDED | SA investment conference 2022
President Cyril Ramaphosa woos business leaders to invest in SA
Netflix to invest R929m in SA film and TV industry
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most read
Latest Videos