Page 27 - Energize April 2022

NEWS

SA investment conference raises

US$2,8 billion in pledges

frican Development Bank
Group (www.AfDB.org)
APresident Dr Akinwumi A.
Adesina has pledged his institution’s
support for South Africa, announcing
a US$2,8 billion package for the
country over the next five years. He
did this at the opening of the South
Africa Investment Conference in
Johannesburg’s Sandton Convention
Centre.
Some $400 million (about R6
billion) will support Eskom and the
country’s energy transition, he said.
President Cyril Ramaphosa
opened the South African Investment
Conference, the first physical
convening of participants since 2019,
with a message of optimism and
determination in the face of a global
pandemic, tough economic headwinds,
and millions of job losses. Dr Akinwumi A. Adesina and President Cyril Ramaphosa
“We meet at a time when our
country is facing huge challenges but presidential task team, set up to advance the country’s just energy transition to a low-
great opportunity and promise. Our carbon transmission economy, was on track.
economy has been severely damaged “We invite you to be part of the South African growth story.”
with the loss of two million jobs. I Adesina pledged $400 million from the African Development Bank in support of the
am here to share with you what has country over the next three years, particularly for Eskom, as it transitions to renewable
been done and what we are doing,” energy. He said the Bank was working with international partners, especially the G7
Ramaphosa said. countries, to establish a just energy transition facility that will support South Africa in
He outlined measures his raising at least $27 billion.
government has made, including “We will do it without South Africa going into debt,” Adesina said. “I applaud the G7
social and economic relief packages, countries, for their commitment of $8,5 billion in support of South Africa’s just energy
describing them as “difficult but transition.”
necessary reforms” in energy, state- Committing the $2,8 billion to South Africa over the next five years, Adesina said:
owned enterprises, and the fiscal and “This financing will support public and private sector investments in priority areas
taxation sectors, to drive economic of agriculture, renewable energy, transport, youth employment, health, vaccines
growth. manufacturing, among others. We know South Africa is bankable.”
According to Ramaphosa, “No The African Development Bank Group’s active portfolio in South Africa comprises 23
economy can operate without a operations with a total commitment of about $4,5 billion in financing. Since 1997, the
reliable supply of electricity.” He Bank has invested nearly $7 billion in the country in energy and infrastructure.
said ongoing reforms to the energy
sector included changes to Eskom, Photo album - https://bit.ly/3IGRzTA
the country’s energy supplier, and Read the statement - https://bit.ly/3D6oPmd
additional generation capacity mainly Watch the speech delivered - https://bit.ly/3D70mwZ
through wind and solar sources
of energy. He announced that a Contact Amba Mpoke-Bigg, African Development Bank, a.mpoke-bigg@afdb.org

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