South Africa is set to receive $8.5 billion (R150 billion) worth of investment from the international community to assist the country in its shift away from fossil-fuel – however, the country’s imminent greylisting could prove to be a major barrier.
The looming possibility that the country fails to prove that financial crime is under control – and is subsequently greylisted by the global finance community – complicates an already complicated situation, theStuart Theobald, chair of research firm Intellidex, said that while the total amount of funding is likely to remain for a greylisted South Africa, the dispersal of the money may face headwinds with new requirements on how the money is managed to arise.
“South Africa will present an investment plan at Cop27 indicating what it intends to do with the funds, and only then will the formal process of signing the agreements regarding the specific loans start.” International financial watchdog the Financial Action Task Force found in October last year that major gaps in legislation mitigated money laundering and other financial crimes in South Africa.
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