The African Development Bank (AfDB) is committing $2.8 billion over the next five years to support private sector investment in South Africa, the institution’s president said.
The government of Africa’s most developed country is seeking to foster a rebound from the global pandemic, which has temporarily shut down large swaths of the economy and helped push unemployment rates to record highs.
AfDB support will target agriculture, renewable energy, transport, youth employment, health and vaccine manufacturing, Akinwumi Adesina announced at the South African Investment Conference.
The bank is already supporting struggling state-owned companies in South Africa and is preparing a $400 million loan package to help coal-dependent power utility Eskom switch to renewables.
“We will now take steps to strongly support the drive towards renewable energy in South Africa as you move towards net zero emissions,” Adesina said.
Shortly after taking office in 2018, South African President Cyril Ramaphosa set a goal of raising $100 billion in new investment over five years to revitalize an economy long plagued by recessions and growth. slow.
Today he said South Africa was two-thirds of the way to that goal.
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