- President Cyril Ramaphosa has secured a R12 billion renewable energy investment deal with a Saudi Arabian company
- The deal forms part of a much larger $10 billion (R133 billion) investment deal which Ramaphosa secured with the help of Crown Prince Mohammed bin Salman
- Ramaphosa is part of a high-profile government delegation which visiting Nigeria, Saudi Arabia and the United Arab Emirates
President Cyril Ramaphosa has secured a R12 billion wind and solar energy investment deal with a Saudi Arabian company. The deal forms part of a much larger investment agreement reached between Ramaphosa and Crown Prince Mohammed bin Salman.
Ramaphosa and the prince signed an investment deal which will see Saudi Arabia invest around R133 billion ($10 billion) in South Africa, the investment will mainly be focused around South Africa’s energy sector and a large part is believed to be for the development of renewable energy sources such as wind and solar farms.
Ramaphosa is part of a high-profile government delegation which also includes energy minister Jeff Radebe. The delegation has already wrapped up meetings in Nigeria and is expected to land in the United Arab Emirates (UAE) later on Friday for the final leg of the trip.
Briefly.co.za gathered that Ramaphosa is expected to meet with Sheikh Mohammed Bin Zayed Al Nahyan‚ Crown Prince of Abu Dhabi on Friday.
The trip to Nigeria, Saudi Arabia and the UAE forms a critical part in Ramaphosa’s vision to secure foreign investment in South Africa.
TimesLive.co.za reported that upon taking office in February, Ramaphosa committed himself to secure $100 billion in direct foreign investment in South Africa over the next five years.
Speaking after the meeting Radebe praised Saudi Arabia and said the country was deeply committed to investing in South Africa’s energy sector. He confirmed that the R12 billion deal would be specifically used to develop wind and solar energy in South Africa.
Radebe said Saudi Arabia had also committed to investing in South Africa’s defence sector.
Ramaphosa’s official spokesperson said the president was pleased to be one step closer to his goal of securing $100 billion in investments.
The president has been a vocal advocate for increased inter-Africa trade and recently committed South Africa to joining the African free-trade agreement. Ramaphosa believes increased trade between African countries is vital in developing the continent’s economy.
Ramaphosa believes an increase in inter-continental trade and investment between African countries will free the continent from its crippling reliance on foreign investment.
Trade between African companies is often hampered by incredibly restrictive and complicated visa and trade regulations which dissuade companies from trying to do business in other parts of the continent.
Earlier this week Ramaphosa held talks with his Ghanaian counterpart with the aim of securing a supply of oil from the West African nation.
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