AFRICA BUSINESS

S.Africa gets $20 billion of investment pledges at conference

Investment commitments of almost 290 billion rand ($20 billion) into the South African economy were made at an investment conference on Friday, President Cyril Ramaphosa said.

“This is going to give our country the lift it requires,” said Ramaphosa, who has staked his reputation on reviving the economy after a decade of stagnation.

“We are working to ensure we remove whatever blockages stand in the way of these investments,” he added.

With elections due to take place next year, President Ramaphosa needs to show he is delivering on pledges to revive an economy mired in recession and create jobs for the 27 percent of the workforce that is unemployed.

Since announcing the investment drive in April, China, the U.K., the U.A.E., Saudi Arabia and Daimler AG’s Mercedes-Benz unit have pledged $35.5 billion.

source: af.reuters.com

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