A business consortium led by a founding member of the US-Africa Chamber of Commerce has reportedly declared that it will invest $1 billion (R14.2 billion) in leading African nations – including South Africa – at a time that many investors are pulling out.<\/p>\n
Reporting on its business breakfast briefing following finance minister Malusi Gigaba’s budget speech this week, Business Report<\/a><\/strong> interviewed\u00a0Ambassador Harold Doley Jnr, who at the briefing made the announcement.<\/p>\n Doley Jnr is a US businessman who founded\u00a0the oldest African American owned investment-banking in the country – Doley Securities – and has focused much of his career building up and investing in the African continent.<\/p>\n According to Business Report, Doley Jnr said he was committed to investing in Africa and South Africa in particular, telling the business briefing that his consortium wanted to come to South Africa, and pay taxes, “to make money so we can help you with your deficit”.<\/p>\n “After many decades of involvement with Africa, I am leading a group of notable international investors, who are all committed to African growth and prosperity,” he told the paper.<\/p>\n The $1 billion investment will primarily be in technology, education and agri-business, the paper reported.<\/p>\n Other investors bail<\/strong><\/p>\n The reveal of a big investment boost in South Africa comes amid a huge sell-off of local bonds, as foreign investors dropped over R5.1 billion worth of government bonds following Gigaba’s speech.<\/p>\n