Saudi Arabia will invest at least $10 billion in South Africa, mostly in the energy sector, including building oil refineries, Reuters reports, citing the spokeswomen for South Africa’s president Cyril Ramaphosa said on Thursday.
The pledge was made by Saudi Crown Prince Mohammed bin Salman during an official visit by President Ramaphosa and government ministers to the Kingdom, spokesman Khusela Diko said. “Most of it will be in the energy sector – including building refineries, petrochemicals and renewable energy,” said Diko.
The investment will make up a sizable amount of the desired $100 billion by President Ramaphosa as he seeks to help South Africa’s sluggish economy.
“It’s a fantastic commitment from Saudi Arabia, especially coming in the aftermath of the president’s call to have $100 billion of investment,” Energy Minister Jeff Radebe said during the visit, as he praised Saudi Arabia’s Minister of Energy Khaled Al-Falih.
“[Al-Falih] is deeply committed to cooperating with us on the energy side,” Radebe said, according to Bloomberg.
