Senior Nedbank executive seconded to Investment Mobilisation Programme
A senior executive from Nedbank, Anthony Costa, has been seconded to the Investment Mobilisation Programme (IMP) established by President Cyril Ramaphosa earlier this year.
Costa was asked to assist with the IMP at the behest of presidential economic advisor, Trudi Makhaya, who is responsible for overseeing the work of the IMP. She has had a distinguished career as both an academic and executive.
"I am delighted to be asked to assist," says Costa. "We have a very ambitious target of attracting $100bn in new investment over the next five years in the form of foreign and domestic direct investment. So, I think it represents a commitment by government to generate a step-change in the level of investment that should lead to higher economic growth and greater job creation."
This is not the first time Nedbank has made its executives available to help the government, having previously seconded Willie Scholtz to work in the criminal justice system. Nedbank CEO Mike Brown said, "It’s really important for SA that the IMP is a success and this was just a small way we could contribute and play a role in the growth and development of the country."
Costa, who has a PhD in History from the University of Cambridge and an MBA from the Gordon Institute of Business Science, joined Nedbank in 2001. His most recent assignment was to work on the managed separation of the Old Mutual Group, which will ultimately result in Old Mutual retaining a strategic minority stake as Nedbank is unbundled later this year.
Costa is based at the Industrial Development Corporation (IDC) in Sandton, which is providing the secretariat for the work of the four investment envoys appointed by the president, as well as co-ordinating the work of the IMP across various government departments and agencies involved in the programme.
"I’ll be helping drive the preparations for the investment summit, and facilitating the work of the envoys, as well as providing input to the inter-ministerial steering committee," says Costa. "Coming from the private sector, it’s a great experience being part of a dedicated team drawn from across government to deliver on a specific objective of national importance."
The investment summit is being planned for later this year. Costa says that while international business leaders will be invited, the focus will be on getting SA’s captains of industry to participate. "It’s much easier starting a dialogue of this nature with executives familiar with the country, so the emphasis will be on how we can get South African companies, and multinationals with strong ties to the country and the continent, more engaged and, ultimately, more willing to invest capital in the productive growth of the economy."