By Sam Mkokeli
South Africa will prioritize improving access to infrastructure finance for emerging economies during its year-long presidency of the G20, the head of a task force overseeing the plans told Semafor.
Standard Bank CEO Sim Tshabalala said his team will recommend plans to better “manage transparency” around the decisions made by rating agencies to assess creditworthiness. African policymakers have long complained that perceived risks increase the cost of borrowing needed to develop infrastructure. Tshabalala, who chairs the task force on infrastructure and finance for the B20 — the forum representing businesses from G20 nations — hopes this and other proposals will make it “easier to provide funding for African infrastructure.”
South Africa’s President Cyril Ramaphosa extolled multilateralism as he opened the first-ever G20 to be held in Africa. But several finance ministers from the world’s biggest economies skipped the meeting, underscoring geopolitical tensions that have South Africa at their center.
Image: Standard Bank CEO Sim Tshabalala. Steven Ferdman/Getty Images.
