Algeria, October 11, 2018

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SA gets R516 billion in investment

PRETORIA - South Africa has investment commitments of $35 billion (R516bn) 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.”

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