24.5 bln USD pledged at South African investment conference

Source: Xinhua| 2019-11-07 10:36:13|Editor: ZD
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JOHANNESBURG, Nov. 6 (Xinhua) -- The ongoing second South Africa Investment Conference at the Sandton Convention Center on Wednesday secured 363 billion rands (24.5 billion U.S. dollars) in investment pledges.

The pledges, covering such areas as mining, manufacturing, infrastructure and energy, will help revitalize Rwandan economic growth and deal with unemployment.

"It has been estimated that these investments will conservatively lead to the creation of around 412,000 direct jobs over the next five years," said South African President Cyril Ramaphosa.

"We are immensely encouraged as South Africans by the commitments that have been announced here for it is these investments that will have the effect of boosting our economic growth and create much-needed jobs," he said.

Leslie Maasdorp, chief financial officer of the New Development Bank, said the bank would invest in oil, energy, upgrade ports and water projects in the country.

South African paper producer company Sappi, which pledged to invest 7 billion rands (472 million dollars) at last year's conference, promised to invest 14 billion rands (944 million dollars) this year in four projects based in the provinces of Kwazulu Natal and Mpumalanga.

South African telecommunications company MTN said it would invest 10 billion rands (675 million dollars) annually in the next five years to help roll out the country's digital infrastructure and build properties.

The three-day conference, themed "Accelerating Economic Growth by Building Partnerships", runs until Thursday.