– South Africa has investment commitments of $35 billion as part of plans by President Cyril Ramaphosa to attract $100 billion over the next five years to revive the country’s flagging economy, his economic adviser said.
Ramaphosa has appointed a team of investment envoys – bankers, former ministers, business people as well as economist Trudi Makhaya, his economic adviser – to scour the world’s financial capitals for new investors.
“There is about $35 billion that has been pledged,” Makhaya said. “We’ve had $10 billion committed from Saudi Arabia. About $10 billion from the UAE, and around $15 billion committed from China when you’re looking at government to government deals.”
The South African government hopes to raise more money from companies and governments at an investment summit in Johannesburg on October 26, part of efforts to fulfil Ramaphosa’s promise to create jobs.