As a sign of support for South Africa, which is seeking to attract fresh investments, Naspers said it will spend about 4.6 billion rand on new and existing technology companies in the country.
An email statement released by Naspers said the firm will put 1.4 billion rand toward local startups, with the balance going to Naspers units including online retailer Takealot and delivery service Mr D Food. Cash for new businesses will come from an initiative called Naspers Foundry.
Naspers, Africa’s biggest company by market value, made the announcement during South Africa’s first investment summit, which was held in Johannesburg. President Cyril Ramaphosa announced he was seeking to attract $100 billion into the economy, which hasn’t expanded at more than 2 percent annually since 2013.
Finance Minister, Tito Mboweni revealed that the government’s debt will peak at higher levels than previously expected, while state revenue was lower than expected.
South Africa’s Naspers, which has grown into a global owner of internet and technology companies with operations in more than 120 countries, began as a local newspaper company just more than a century ago. Its most successful investment was a 2001 backing of Chinese startup Tencent, now the Asian country’s largest company with a market value of $319 billion.