20°C / 22°C
  • Sun
  • 22°C
  • 8°C
  • Mon
  • 21°C
  • 6°C
  • Tue
  • 22°C
  • 6°C
  • Wed
  • 25°C
  • 7°C
  • Thu
  • 28°C
  • 13°C
  • Fri
  • 29°C
  • 10°C
  • Sun
  • 28°C
  • 12°C
  • Mon
  • 33°C
  • 15°C
  • Tue
  • 31°C
  • 20°C
  • Wed
  • 28°C
  • 18°C
  • Thu
  • 28°C
  • 17°C
  • Fri
  • 28°C
  • 18°C
  • Sun
  • 24°C
  • 10°C
  • Mon
  • 23°C
  • 7°C
  • Tue
  • 24°C
  • 8°C
  • Wed
  • 27°C
  • 9°C
  • Thu
  • 30°C
  • 10°C
  • Fri
  • 32°C
  • 13°C
  • Sun
  • 24°C
  • 9°C
  • Mon
  • 23°C
  • 8°C
  • Tue
  • 25°C
  • 8°C
  • Wed
  • 27°C
  • 8°C
  • Thu
  • 30°C
  • 9°C
  • Fri
  • 32°C
  • 12°C
  • Sun
  • 19°C
  • 14°C
  • Mon
  • 20°C
  • 15°C
  • Tue
  • 23°C
  • 14°C
  • Wed
  • 25°C
  • 15°C
  • Thu
  • 26°C
  • 16°C
  • Fri
  • 25°C
  • 19°C
  • Sun
  • 17°C
  • 11°C
  • Mon
  • 19°C
  • 12°C
  • Tue
  • 27°C
  • 14°C
  • Wed
  • 23°C
  • 17°C
  • Thu
  • 21°C
  • 15°C
  • Fri
  • 21°C
  • 16°C
  • Sun
  • 28°C
  • 12°C
  • Mon
  • 34°C
  • 17°C
  • Tue
  • 33°C
  • 20°C
  • Wed
  • 30°C
  • 18°C
  • Thu
  • 32°C
  • 17°C
  • Fri
  • 36°C
  • 19°C
  • Sun
  • 25°C
  • 12°C
  • Mon
  • 29°C
  • 17°C
  • Tue
  • 30°C
  • 20°C
  • Wed
  • 26°C
  • 19°C
  • Thu
  • 27°C
  • 19°C
  • Fri
  • 30°C
  • 19°C
  • Sun
  • 22°C
  • 13°C
  • Mon
  • 23°C
  • 10°C
  • Tue
  • 25°C
  • 10°C
  • Wed
  • 27°C
  • 11°C
  • Thu
  • 32°C
  • 12°C
  • Fri
  • 33°C
  • 13°C
  • Sun
  • 25°C
  • 7°C
  • Mon
  • 24°C
  • 10°C
  • Tue
  • 26°C
  • 10°C
  • Wed
  • 28°C
  • 11°C
  • Thu
  • 31°C
  • 12°C
  • Fri
  • 33°C
  • 14°C
  • Sun
  • 20°C
  • 9°C
  • Mon
  • 19°C
  • 8°C
  • Tue
  • 21°C
  • 8°C
  • Wed
  • 24°C
  • 6°C
  • Thu
  • 27°C
  • 8°C
  • Fri
  • 30°C
  • 10°C
  • Sun
  • 18°C
  • 9°C
  • Mon
  • 23°C
  • 9°C
  • Tue
  • 32°C
  • 20°C
  • Wed
  • 28°C
  • 18°C
  • Thu
  • 24°C
  • 17°C
  • Fri
  • 23°C
  • 16°C

SA gets $35bn in investment pledges towards $100bn goal

The SA government hopes to raise more money from companies and governments at an investment summit in Johannesburg on 26 October.

Energy Minister Jeff Radebe has welcomed the commitment by the Saudi Arabian government to invest more than R130 billion in the South African economy. The undertaking was made on Thursday while President Cyril Ramaphosa (right) is in Jeddah on a state visit. Picture: Qaanitah Hunter/EWN

PRETORIA – 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 told Reuters on Wednesday.

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 26 October, part of efforts to fulfil Ramaphosa’s promise to create jobs.

“You’re also going to have a stream of announcements at the investment conference,” Makhaya said.

She said the summit would connect investors with projects, and also be an opportunity to convince investors the country was on a stable policy path.

“We need to keep doing the work of raising investments leading up to next year’s election to show investors policy isn’t going to change (even if the ruling ANC party lost the vote),” she told Reuters in an interview.

The polls are due to be held in the middle of the next year and the African National Congress is battling to increase its majority. Ramaphosa faces an uphill battle to secure public and investor support after a decade of scandals under Jacob Zuma.

Makhaya said over the past decade, the government had borrowed heavily to fund spending on poorly executed infrastructure projects and pay public sector wages, but tighter controls were needed to ensure returns on investments.

“Significant fiscal spending in the last ten years did keep us away from the brink, but it didn’t alter the economy fundamentally,” she said, adding that spending to try and boost the economy would not work in the long run.

“We’ve seen that it doesn’t work,” Makhaya said.

Pretoria’s debt burden has doubled to nearly 60% of gross domestic product in the past decade, while growth in the same period averaged around 2%, well short of government’s target of 5% annual expansion.

“The president has articulated his economic vision very clearly. It’s investments, job creation and fixing up governance,” Makhaya said from a meeting room, near Ramaphosa’s office in Pretoria.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus