In a parting shot to investors at an economic summit in London, President Cyril Ramaphosa on Tuesday, 15 October 2019, told them Africa needed between 130 billion dollars and 170 billion dollars annually.
This is in an attempt to develop South Africa’s infrastructure – a business opportunity they should not miss, he said.
Ramaphosa, who arrived in Britain on Monday, 14 October 2019, for a two-day working visit, participated in the sixth Annual Financial Times Africa Summit in the British capital.
He called on business to form part of Africa’s great leap forward, saying the African continent required some 130 billion dollars to 170 billion dollars a year for its infrastructure development.
This, the president added, would only be achieved in collaboration with the global community, significant private funding, as well as partnerships for mutual benefit.
“On its part, South Africa was in the process of setting up an infrastructure fund to leverage investments from financial institutions, multilateral development banks, asset managers and commercial banks,” Ramaphosa said at the end of his working visit on Tuesday, 15 October 2019.
Ramaphosa also said that there was a global move towards cleaner energy sources in the world, with the ever-sunny African continent perfectly placed for investment in wind, solar, bioenergy, hydro and natural gas.
In this regard, the president said his country’s renewable energy independent power producer programme has attracted nearly 14 billion dollars in private sector investment in 102 projects, creating 40 000 jobs in the process.