EU Unveils €4.7 Billion Investment in South Africa

European Commission President Ursula von der Leyen announces a €4.7 billion investment for South Africa, aimed at supporting energy transition, vaccine manufacturing, and connectivity. The announcement was made during talks with President Cyril Ramaphosa and European Council President Antonio Costa.

The European Commission President, Ursula von der Leyen, revealed a significant investment plan on Thursday, pledging €4.7 billion to South Africa. The announcement marks a notable collaboration effort intended to bolster South Africa's energy transition, vaccine production, and both digital and physical connectivity.

Standing alongside President Cyril Ramaphosa and European Council President Antonio Costa, von der Leyen disclosed that the investment is part of the Global Gateway initiative. This strategic move is set to advance South Africa's infrastructure and development in crucial sectors.

With a current exchange rate of $1 equaling 0.9223 euros, the investment translates to approximately $5.10 billion. The discussions took place as part of an official visit to South Africa, highlighting strengthened ties between Europe and the African nation.

(With inputs from agencies.)