In whirlwind tour, Qatari royal commits $70bn to southern Africa

Qatari investment firm Al Mansour Retaining has pledged $70 billion in investments in the direction of four southern Africa international locations in a 10-day tour, a switch analysts name strategic as US funding retreats from the continent.

Community chief and royal member of the family Sheikh Mansour bin Jabor bin Jassim Al Thani has met the leaders of Botswana, Mozambique, Zambia and Zimbabwe to signal commitments of indispensable financing for projects spanning energy, agriculture, tourism and mining.

In Maputo this week, he signed a $20 billion partnership settlement with President Daniel Chapo aimed at supporting authorities initiatives including in health and education, the Mozambique presidency announced.

Days earlier, in the direction of the border in Zimbabwe, his firm dedicated to opening its purse to the tune of $19 billion, including $500 million for a hydro-electricity mission, the authorities acknowledged.

It has also pledged $19 billion for Zambia, reportedly among the many preferrred bilateral pacts in the nation’s historical past, and $12 billion in Botswana, the international locations announced.

Botswana President Duma Boko acknowledged the deal — price bigger than half of the diamond-rich nation’s irascible home product — had been “quietly” thrashed out for months, vowing: “Right here’s lawful the starting.”

It became once particularly welcome as Boko needed to provide an explanation for a public health emergency on August 25 after hospitals ran out of the biggest medicines attributable to depleted authorities coffers.

‘Geopolitical ballast’

The whopping funding pledges come as largely unlucky international locations in the resource-rich space grapple with sweeping cuts in US support.

“Global uncertainty has intensified below President Donald Trump’s 2d timeframe, with rising US protectionism, tariffs, and reduced support flows leaving African states buying for different companions,” acknowledged economist Brendon Verster at the Oxford Economics Africa judge-tank.

“Gulf capital thus no longer finest serves as an investment push, but additionally a geopolitical ballast, providing Africa a hedge towards Western retrenchment whereas giving Qatar and its Gulf neighbours bigger have an effect on,” he acknowledged.

The UAE has also been calling, with Angola signing 44 agreements price $6.5 billion right by a dawdle to by President Sheikh Mohamed bin Zayed on August 25.

Crucial facets of the deals equivalent to timelines and what would possibly per chance per chance per chance be anticipated in return enjoy no longer been made public, and the massive sums enthusiastic enjoy raised some questions.

The pledges had been a couple of of the preferrred ever in the gap and must peaceable be regarded with some “suspicion”, acknowledged Johannesburg-primarily based totally mostly political analyst Marisa Lourenco.

“The Middle East is rising because the fresh gargantuan geopolitical player in Africa’s mainly mining market but it absolutely would possibly per chance per chance per chance also be making an try to receive gasoline affords,” she told AFP.

Media reports acknowledged the Qatari sheikh became once anticipated to also dawdle to a vogue of countries on the continent, with pledges that can even merely top $100 billion in complete.

Source: AFP