CAPE TOWN – Sekunjalo chairperson Dr Iqbal Survé is set to head up a $1 billion (R14bn) Belt and Road Africa Fund that was announced on the sidelines of the annual World Economic Forum (WEF) Summer Davos Meeting, which is underway in Dalian, China.
The fund will focus on investments in Africa, which will include co-investments in infrastructure, technology, eCommerce, artificial intelligence (AI) and the beneficiation of the resource industry in Africa. Most importantly, the fund will serve as a bridge between African and Chinese businesses, thus strengthening, particularly, the co-operation between business sectors in China and Africa.
Survé, along with several Chinese family offices and business people, launched the fund, which will be capitalised with $1bn from Chinese investors.
“The discussions that we’ve had with Chinese businesspeople, state-owned enterprises and family offices, have resulted in the establishment of this fund. Africa is ready to grow and is heading towards a $5 trillion economy. The Chinese have seen how China was able to grow from 1980 when China made up only 2 percent of the global gross domestic product (GDP) when compared to today, where China makes up 19 percent of the global GDP. This fund is a great boost for the development of Africa,” Survé said.