David Masondo

David Masondo (born 14 November 1974) is a South African politician who is currently serving as Deputy Minister of Finance since May 2019. He is also the second deputy general secretary of the South African Communist Party (SACP) and a member of the National Executive Committee of the African National Congress (ANC). Quotes On behalf of the National Treasury of South Africa, allow me to express my sincere appreciation to the organisers of the G20 Social Summit Side Event for the invitation. It is an honour to join this important conversation on the role of Sovereign Wealth Funds in accelerating development on the African continent. This dialogue comes at a critical moment, one where Africa’s growth ambitions require new instruments, new partnerships, and new sources of capital Over the past two decades, the global Sovereign Wealth Fund ecosystem has grown remarkably in number, assets and sophistication. By 2023, SWF assets expanded by 14%, reaching US$13 trillion, up from US$11.6 trillion in 2022. In Africa, however, SWFs collectively account for just 0.24% of global SWF assets. Their scale may be modest, but their potential impact for Africa’s industrialisation, infrastructure expansion and social development is immense. Nowhere is this potential more urgent than in bridging the infrastructure financing gap. Sub-Saharan African countries allocate only 3.5% of GDP to infrastructure annually, far short of the 7.1% required to meet the SDGs. The continent faces an estimated infrastructure funding gap of US$130–170 billion per year, yet only US$80 billion is currently accessible. Traditional financing mechanisms like national budgets, development finance, or concessional loans, are insufficient on their own. What is required is a new mix of capital and a new appetite for risk-sharing, where SWFs become catalytic investors rather than passive reserve custodians. External links Category:Living people Category:African National Congress politicians Category:1974 births