Thursday November 20 marked an important date in the history of the investment industry. More than 100 people, representing some of the most influential local and global institutional investors, sovereign wealth funds and development finance institutions, gathered at Melrose Arch in Johannesburg to sign what in future will be known as The Melrose Resolutions.
In attendance were the CEOs of Ninety One, M&G Investments, Africa50 and Enko Capital, the head of the IMF in South Africa, that of the New Development Bank and the chair of the African Sovereign Investors Forum.
We anticipated that the Melrose Declaration would receive some support from business leaders attending the Public Investment Corporation (PIC) G20 investment conference. We did not, however, expect virtually every person in the room to adopt it. It was a moment to witness. An industry built on financial profit committed itself to a series of actions that have, at their core, the desire to make the world a better, more equitable place.
The occasion was the final instalment of the PIC Perspective’s G20 Dialogues, held under the theme of “Mobilising Global Capital for Inclusive Growth”. It was the culmination of a year’s work.
As part of my commitment to creating a new culture of transparency at the PIC, we agreed on a series of public engagements with investment professionals. The objective was to share the work we were doing, while making a case for Africa to receive a greater allocation of the capital it so desperately needs to industrialise and fund crucial public infrastructure development.
In partnership with Oxford University, our economists and research and development teams released a series of papers that make a compelling case for infrastructure investment in Africa as a catalyst for growth. Research on the theme of “Accelerating Infrastructure Development in Africa: Strategies to Reduce Lead Times” showed that this was not only necessary, but urgent.
The Melrose Resolutions sparked commitments to co-fund cross-border projects for integrated markets, scaling project preparation facilities for shovel-ready initiatives, building local capacity and mobilising green investments.
The continent’s current economic trajectory, rapid population growth, and persistent gaps in access and service quality all point to the same conclusion: without a step change in the pace and scale of infrastructure delivery, Africa risks falling further behind in its pursuit of inclusive growth and structural transformation.
According to the African Finance Development Bank, Africa requires investment of $130bn-$170bn a year to bridge this infrastructure gap. Until we do this, energy systems will remain underpowered, transport networks fragmented, water infrastructure insufficient, and digital connectivity far from universal. These gaps undermine productivity, limit regional integration, and constrain the emergence of globally competitive industries. Our research demonstrates that the global demand for sustainable energy provides a unique opportunity to accelerate development in South Africa and our continent.
As the first African G20 president, South Africa has sought to amplify the voices of developing economies, tackling inequities in trade, finance and climate action. They have resulted in concrete commitments from global leaders to address these. The Melrose Resolutions sparked commitments to co-fund cross-border projects for integrated markets, scaling project preparation facilities for shovel-ready initiatives, building local capacity and mobilising green investments.
Delegates committed themselves to exploring strategic partnerships and collaboration to unlock capital for investing in infrastructure, industrialisation, the green economy and new and emerging industries on the African continent. The PIC will proactively seek opportunities to co-invest alongside development finance institutions and public entities in blended finance structures to de-risk projects for potential investors.
Our research in 2025 further indicates that green investments can create 250,000 new jobs in five years, with the right levels of investment. It is a well-known adage in our industry that capital requires confidence. It is worth noting that South Africa is in a phase of correction. We have managed to solve many of the structural problems in our economy by closely partnering with the private sector. It has delivered tangible results, such as ending load-shedding, and has inspired new confidence in the economy.
The rest of the world has noticed. We have been removed from the Financial Action Task Force greylist and received our first upward credit ratings upgrade from Standard & Poor’s after the medium-term budget policy statement. Both will reduce the cost of capital needed to fund long-term development projects. South Africa also has a well-developed financial system and significant experience in delivering large-scale, cross-border infrastructure projects. Both affirm confidence in our economy.
As we reflect on that unifying moment at Melrose Arch, where business leaders, ordinarily motivated by profit, embraced equity for a better world, South Africa’s G20 leadership can position us as the gateway for global capital.
• Dlamini is the CEO of the PIC
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