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Gigaba: Africans can't expect investment in things they're not investing in

Finance Minister Malusi Gigaba also says that in many cases it’s not the funding that is missing but that projects are not well-structured and bankable.

FILE: Finance Minister Malusi Gigaba. Picture: Christa Eybers/EWN

DURBAN – Finance Minister Malusi Gigaba has told the Black Business Council that Africans cannot expect other people to invest in things they are not ready to invest in.

He's been speaking to the council in Durban ahead of the World Economic Forum Africa meeting on Wednesday.

Gigaba says that while Africa’s capital may be limited, it’s not insignificant and that people on the continent need to mobilise their domestic savings and capital markets to invest in deals on the continents.

He says this capital includes pension funds and sovereign wealth funds.

Gigaba also says that in many cases it’s not the funding that is missing but that projects are not well-structured and bankable.

He says that government needs to have policy and regulatory regimes that attract investment and that state procurement needs to be used strategically.

Gigaba is due to talk about radical economic transformation later today.

(Edited by Leeto M Khoza)