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Cyril Ramaphosa defends $100bn investment drive

Julius Malema accused the president of reinstating the so-called ‘1996 class project’ associated with former president Thabo Mbeki’s tenure.

President Cyril Ramaphosa presents Budget Vote 1 in the National Assembly. Picture: GCIS.

CAPE TOWN - President Cyril Ramaphosa has rejected suggestions the drive to attract $100 billion of investment over the next five years is an elite project.

He’s replying to Wednesday’s debate on the presidency’s budget.

Economic Freedom Fighters leader Julius Malema accused Ramaphosa of reinstating the so-called “1996 class project” associated with former president Thabo Mbeki’s tenure.

But Ramaphosa says that’s not the case.

“This is not a 1996 class project. This is about addressing what can create jobs in our country. We’ve had several meetings with CEOs of some of the largest state-owned enterprises, where they’ve given us an indication of their investment plans for the coming years. They’ve informed us that over the next five years they expect to invest a total of R420 billion into the South African economy.”

Ramaphosa also says land reform is key to breaking the cycle of poverty, and that the government will not waver in its determination to use expropriation without compensation to help achieve this.

(Edited by Zamangwane Shange)

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