Update: 3 deals worth R196b signed between China and South Africa

Update: 3 deals worth R196b signed between China and South Africa

- Xi Jinping, The Republic of China's president, visited South Africa for the 3rd time

- The visit and talks between President Xi and President Ramaphosa went smoothly and resulted in 3 Chinese investments in South Africa

- Eskom and Transnet are set to benefit from loans of billions of rands from China

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The Chinese president's visit to South Africa went very well and 3 big agreements have been signed between the 2 countries.

South Africa's warm welcome must have pleased President Xi Jinping. Maybe it was the impressive 21-gun salute or the honour guard, but whatever it was, China is set to invest about R196 billion in South Africa.

President Xi arrived in South Africa on the 24th of July, as reported on by Briefly.co.za, and the 2 leaders discussed strengthening the economic ties between China and South Africa.

The South African reports that the sectors expected to receive the most investment include agriculture, infrastructure and finance.

3 Specific deals have been made, and while the details are still unclear, Eskom, Transnet and South African visa arrangements are set to benefit from these deals.

The Industrial and Commercial Bank of China has signed off on a loan to Transnet

The exact amount of the loan is yet to be revealed, but could be in the billions range. Transnet could use a financial boost and this could be just what the doctor ordered.

More relaxed SA/China visa requirements

Again, the details are yet to be revealed, but both presidents agreed that the travel restrictions between the 2 countries will be 'loosened up'.

Eskom gets a R33 billion loan

China has agreed to give Eskom a loan to the value of R33 billion and it couldn't come at a better time. On the 24th of July, Eskom announced irregular expenditure of more than R19 billion, according to an earlier report by Briefly.co.za.

READ ALSO: Tweeps react to Eskom's shocking R19bn irregular expenditure

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Source: Briefly.co.za

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