The African Development Bank has committed to investing $2.8 billion (R42.5 billion) in South Africa over the next five years, says president Akinwumi Adesina.
Addressing the South African Investment Conference in Johannesburg on Thursday , Adesina said the funding will be used to support both public and private sector investments in the priority areas of agriculture, renewable energy, youth employment, and health.
“We will now move to support the drive towards renewable energy strongly in South Africa as you drive towards net-zero emissions,” Adesina said. Despite the impact of the pandemic, by the time of the third South Africa Investment Conference in 2020, the country had raised a total of R774 billion in investment commitments, the president said on Thursday.
“Of the 152 investment pledges, 45 projects have been completed. A further 57 are under construction. Fifteen have been put on hold, in several cases due to the impact of the pandemic.”
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