South Africa: Africa Development Bank Forum Kicks Off

South Africa President Cyril Ramaphosa inaugurated the Africa Investment Forum, an initiative in which multilateral institutions, governments, and companies participate.

RELATED:
Who is Cyril Ramaphosa, South Africa's New President?

Johannesburg will be the venue for a meeting in which several statesmen and the presidents of Angola,  Benin, Cameroon, Kenya, Nigeria and Rwanda will participate, from Wednesday to Friday.

Through a press release, the South African Government said that the meeting seeks to support projects to recover growth, increase investments and create jobs in the country.

Prior to the forum, President Ramaphosa convened an investment conference, in October, which resulted in financial commitments of US$20 billion. The conference was part of actions taken by the South African Government to implement the country's economic stimulus and recovery plan.

In his first speech to the nation, in February, the South Africa president announced that his administration will work to attract foreign investment worth US$100 billion, over the next 5 years.

About US$600-700 billion is required, annually, to meet the development needs of the continent of Africa, according to the African Economic Outlook 2018.