AfDB commits to private investment

The African Development Bank (AfDB) is committing US$2,8 billion over the next five years to support private sector investment in South Africa, the institution’s president said on Thursday.

The government of Africa’s most developed nation is seeking to foster a rebound from the global pandemic, which temporarily shuttered large swathes of the economy and helped push unemployment rates to record levels.

The support from the AfDB will target agriculture, renewable energy, transport, youth employment, health and vaccine manufacturing, Akinwumi Adesina announced at the South African Investment Conference. – Reuters.