Adebayo Ogunlesi, chairman and chief executive of Global Infrastructure Partners—now part of BlackRock Inc.—has indicated that the world's largest money manager expects its R500 billion ($27 billion) exposure in South Africa to double within five years. He made the remark at the BlackRock South Africa Infrastructure Investment Summit on Wednesday while speaking alongside President Cyril Ramaphosa. Ogunlesi attributed the growing interest to South Africa's infrastructure reform agenda, describing the country as nearing a turning point that could boost economic growth, job creation and competitiveness. He stressed that reliable and affordable energy is fundamental for growth, calling it unacceptable in the 21st century to have unstable electricity supply.
Key sectors identified for investment include electricity transmission, renewable energy, rail, ports, airports and digital infrastructure. Ogunlesi also highlighted artificial intelligence as a future driver of demand for power systems and data centres. BlackRock currently manages between $14 trillion and $15 trillion in global assets, with about R500 billion allocated to South Africa. President Ramaphosa welcomed the projection, joking that the investment should instead quadruple. He promoted South Africa's reform efforts in electricity, logistics, telecommunications and infrastructure financing, stating the country plans to spend over R1 trillion ($54 billion) on infrastructure in the next three years.
Ramaphosa confirmed plans to increase private-sector participation in strategic industries, including opening rail infrastructure to private operators and revitalising Transnet and the Passenger Rail Agency of South Africa. He described African infrastructure development as one of the largest untapped investment opportunities today. Ogunlesi noted that South Africa is competing with the United States, Germany, GCC countries, and nations in Asia and Latin America for limited global capital. He said attracting long-term investment depends on policy certainty, transparent procurement, stable regulation and strong legal institutions. Communications Minister Khumbudzo Ntshavheni affirmed that public funding alone cannot meet the country's infrastructure needs, calling private sector involvement critical.
Adebayo Ogunlesi projects BlackRock will double its $27 billion South African holdings, yet offers no timeline or binding commitment for the $54 billion target. The projected growth hinges on reforms that have historically faced delays and implementation gaps in the country. Ramaphosa's push for private investment comes amid persistent public-sector inefficiencies in Transnet and power supply. Without concrete delivery on operational reforms, investor enthusiasm may outpace on-the-ground progress.
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