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.
Trending
- Cameroon: Behind the Maintenance of B-/B, S&P Places Presidential Succession Under High Surveillance
- Cameroon: Behind the Maintenance of B-/B, S&P Places Presidential Succession Under High Surveillance
- Invictus Capital dominates the State of Senegal’s APEs: 5 out of 7 mandates since 2024
- Economic Francophonie: Ngueto Tiraïna Yambaye distinguished by the 2026 Business Francophone Forum Award
- Ibrahim Dohia Traoré appointed CEO of BCI in Congo-Brazzaville
- Trump, the Fed, Interest Rates and Us: Why the Central Bank Must Be Independent
- G-NEXID’s 21st Annual General Assembly calls for stronger cooperation to accelerate sustainable development and trade financing
- BGFI Holding on the BVMAC: How to Invest in the Second Phase and What Potential Does the Stock Have by 2030?
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.
Add A Comment
About us
Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. The aim of Kapital Afrik is to provide financial and political news, give priority to human entrepreneurial experiences, lend life to economic policies, give meaning to statistics….
Contact us: redaction@financialafrik.com