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.
South Africa’s government had previously borrowed R5 billion from the AfDB to help soften the impact of the Covid-19 pandemic. The group has also provided support to several of South Africa’s struggling state-owned companies, and is currently preparing a loan package to assist Eskom transition to renewable energy.
“We will now move to support the drive towards renewable energy strongly in South Africa as you drive towards net-zero emissions,” Adesina said.
The South African Investment Conference is part of an initiative by president Cyril Ramaphosa to raise R1.2 trillion
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