Saudi Arabia Pledges $15 Billion South Africa Investment
By Robert Li
The two governments have announced agreements detailing the Middle East kingdom’s investment in South Africa’s energy, health, environmental and infrastructure sectors and beyond.
Saudi Arabia is to provide USD 15 billion of investment to South Africa, following both governments’ signing of a number of agreements and memoranda of understanding (MoUs), it was announced on Monday (17 October).
The announcement closely follows a diplomatic visit by South Africa President Cyril Ramaphosa to Saudi Arabia Crown Prince and Prime Minister Prince Mohammed bin Salman, which included the holding of a Saudi-South African Investment Forum in Jeddah and a raft of physical meetings and roundtable discussions involving ministers of both governments.
A total of 15 instruments were signed, covering areas such as media, investment, trade, technology, investment funds, agriculture and social development.
Photo courtesy of John Hogg/World Bank.