China will invest a further $14.7 billion in the South African economy, reports Reuters, a move welcomed by President Cyril Ramaphosa as his country battles years of economic stagnation.
The investment pledge was made on Tuesday during Chinese President Xi Jinping’s state visit to the African nation. In the last month Ramaphosa has managed to secure around $35 billion in overseas investment following the agreement with China, which might act as a lifeline for South Africa’s troubled economy.
“We have agreed that we must work as partners to improve the lives of our peoples by elevating our business, commercial and trade ties,” Ramaphosa said at a joint news conference.
The investment package included a $2.8 billion sum allocated to South Africa’s state-run utility and logistics firms Eskom and Transnet. Heavy industry and electronics companies are also poised to benefit from the deal.