China is to invest $14.7 billion in South Africa as the Asian super power deepens its trade relations in Africa.
South Africa’s President Cyril Ramaphosa revealed this on Tuesday after both countries held talks.
Ramaphosa says the deals signed include “investment commitments that have been struck to the value of $14.7 billion.”
Chinese President Xi Jinping says China would expand imports from South Africa to support it’s economic growth.
The Chinese President has already made trade commitments with Senegal and Rwanda, countries he visited before arriving in South Africa.
President Jinping on Monday said during his visit to Rwanda that China was looking to build “mutually beneficial relations” with African countries.
China also signed some 15 agreements in Kigali worth millions of dollars on trade, infrastructure, aviation and mining, among others.
President #Ramaphosa: I wish to thank President Xi once again for hnouring us with a State Visit in this historic year and wish him and his delegation a wonderful stay in our country. pic.twitter.com/xoxvfjpAkV
— PresidencyZA (@PresidencyZA) July 24, 2018
Meanwhile the New Development Bank, set up by the BRICS group of emerging economies, has approved loans of $300 million for energy projects in South Africa.
The bank also approved $300 million for a transportation project in China.
In a statement the BRICS development bank said the $300 million loan to South Africa would be channelled via the Development Bank of Southern Africa.
The loan facility would focus on projects aimed at reducing carbon dioxide emissions and boost energy efficiency, the statement said.
The $300 million loan to China is for a new metro line in the city of Luoyang.
The BRICS grouping comprises Brazil, Russia, India, China and South Africa.
President #Ramaphosa: From tomorrow South Africa will be hosting the 10th BRICS Summit and in September we will be going to China for a reciprocal State Visit and the Summit of the Forum on China-Africa Cooperation (FOCAC). pic.twitter.com/FEbdhprCPZ
— PresidencyZA (@PresidencyZA) July 24, 2018
South Africa, will be hosting a BRICS summit this week in Johannesburg.
Source: Africafeeds.com
