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Earlier in March, European Commission President Ursula von der Leyen pledged 4.7 billion euros of investment during a visit to South Africa, and it was not immediately clear whether the latest investment pledge included that money or was in addition to it.
South Africa, hamstrung by diplomatic differences with the US, is now getting timely support from the European Union as it pledges 11.5 billion euros (USD 13.3 billion) for investment in clean energy, infrastructure and pharmaceutical projects.
EU focus is to help South Africa in its shift towards renewable energy through new power generation capacity, grid upgrades, energy storage and green hydrogen. Africa’s biggest economy is got a blow from US imposition of tariff, which mainly hurt its export basket.
The EU’s statement mentioned the Coega Green Ammonia Project, which seeks to meet growing demand for green ammonia in agriculture, chemicals and mining, and bolstering production of vaccines and other pharmaceuticals in South Africa for the African continent.
Earlier in March, European Commission President Ursula von der Leyen pledged 4.7 billion euros of investment during a visit to South Africa, and it was not immediately clear whether the latest investment pledge included that money or was in addition to it.
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South Africa’s export outlook took a knock from the 30% tariff U.S. President Donald Trump imposed on its goods in August, as well as from the expiry of a major U.S. trade initiative with Africa at the end of last month. South African officials are trying to persuade the Trump administration to lower the 30% tariff.