African Development Bank Group pledges $2.8 billion package for SA

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The African Development Bank Group has pledged support for South Africa, announcing a $2.8 billion package for the country over the next five years.

Some $400 million which is about R6 billion will support Eskom and the country’s energy transition.

AFDB’s Group President Akinwumi Adesina announced on Thursday at the opening of the South Africa Investment Conference in Johannesburg.

Adesina says the bank was working with international partners, especially the G7 countries, to establish a just energy transition facility that will support South Africa in raising at least $27 billion.

The video below, is reporting on some of the pledges at 4th SA Investment Conference:

President Cyril Ramaphosa opened the SA Investment Conference with a message of optimism and determination in the face of a global pandemic, tough economic headwinds, and millions of job losses.

He welcomed the bank’s support indicating that no economy can operate without a reliable supply of electricity.

Ramaphosa also announced that a presidential task team set up to advance the country’s just energy transition to a low-carbon transmission economy, was on track.

The investment conference will highlight South Africa’s investment opportunities.

Eskom CEO André de Ruyter speaks to the SABC News during the SA Investment Conference: