Ramaphosa Seeks $110 Billion of Investments for Nation in Cris | South Africa Reports

Ramaphosa Seeks $110 Billion of Investments for Nation in Crisis — Bloomberg

South Africa’s President Cyril Ramaphosa announced plans to attract 2 trillion rand ($110 billion) of investment by 2028, to the clamor of business executives pleading with his government to urgently address the nation’s energy and logistics crises, and rampant crime.

Ramaphosa said he expects to exceed the 1.2 trillion rand of investment he targeted five years ago, as new commitments are announced on Thursday at an annual investment conference he’s hosting.

Luring investors over the next five years will be a challenge, as companies in South Africa struggle with hours of daily blackouts, are stymied by the state-owned logistics firm’s inability to transport everything from coal to citrus fruit, and fend-off criminals stealing equipment and damaging infrastructure. The energy crisis alone is robbing the economy of as much as 899 million rand a day, according to the nation’s central bank.

https://www.bloomberg.com/news/articles/2023-04-13/ramaphosa-seeks-110-billion-of-investments-for-nation-in-crisis

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