Business Group to Invest $1b in Africa

A consortium of international business leaders was investing $1 billion in the South African and larger African economies, the lead investor ambassador Harold Doley jr announced in Cape Town at the Business Report Ignite forum, AllAfrica reported. The $1 billion (about R14 billion) investment will primarily be in technology, as a platform for diverse development, and education and agri-business. Africa has the most arable land in the world and has more people under 35 than any other continent. Addressing Finance Minister Malusi Gigaba, Doley, who is the only African-American individual to own a seat in the history of the New York Stock Exchange, said he knew the critical role capital played in transforming developing economies. The South Africa Revenue Service has previously said the country’s cumulative deficit for 2017 is R17.08 billion compared to R83.28 billion deficit in 2016. The National Treasury has slashed the country’s growth outlook by nearly half to 0.7% from the 1.3% predicted in February. Doley said young Africans could unlock the door to economic prosperity if they were given the keys—capital, education and expertise.