Algeria’s Afreximbank is set to pump $5 million into projects in critical sectors like logistics, transport, energy and digital infrastructure in South Africa.
This follows a landmark agreement it signed with Infrastructure South Africa (ISA) to establish a Joint Project Preparation Facility, which will “accelerate the preparation of high-quality, bankable projects that can unlock investment, stimulate growth and close South Africa’s infrastructure gap,” says Dean Macpherson, Minister of Public Works and Infrastructure.
The ISA also launched the second phase (Bid Window II) for project preparation support, which enables national and provincial governments, state-owned entities and municipalities to release financial, technical, legal and governance support to qualifying projects.
“These two steps taken by Infrastructure South Africa represents an important move to turn our country into a construction site.
“Bid Window II will ensure that more projects are properly prepared, de-risked and ready to attract investment while the (investment by) Afreximbank is a vote of confidence in South Africa’s infrastructure programme and its potential to drive economic growth and job creation,” Macpherson added.
“I want to commend ISA and our partners for taking these bold actions to ensure that South Africa has a credible, bankable and investment-ready pipeline of infrastructure projects. This how we will get shovels in the ground, stimulate economic growth and create thousands of jobs for our people.”