On the sidelines of a visit to Saudi Arabia on Thursday (July 12th), South African President Cyril Ramaphosa secured $ 10 billion in commitments from Riyadh.
Indeed, the Kingdom has committed to invest this amount with 25% of funds for energy projects.
According to a statement from the South African Presidency, Ramaphosa met with Crown Prince Mohammed bin Salman in the port city of Jeddah. Both sides decided to increase investment and strengthen trade relations.
Note that South Africa imports 47% of its oil from Saudi Arabia and considers the country as a strategic partner in the Middle East.
Saudi Arabia is also a major investor in South Africa, particularly in the field of renewable energy.
The volume of trade between the two countries amounted to over 55 billion rand ($ 4.1 billion) in 2017.
As a reminder, the South African president has been conducting for a few days, a tour that has already led to Nigeria and Saudi Arabia. It is expected this Friday in the United Arab Emirates.
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Cyril Ramaphosa gets $ 10 billion pledges in Saudi Arabia
Ndeye Magatte Kebe
Journaliste reporter à Financial Afrik, diplômée en Journalisme et communication à l’Institut Supérieur Entreprenariat ship et de Gestion (ISEG) de Dakar. Bloggeuse, panafricaniste, elle est membre de l’Union Internationale de la Presse Francophone (UPF). Maguette est une journaliste passionnée d’économie et d’actions humanitaires et intéressée par les questions liées au Genre surtout celles des femmes rurales.
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