South Africa says Saudi Arabia to invest $10 billion in the country, focus on energy

July 12, 2018

JOHANNESBURG (Reuters) – Saudi Arabia will invest at least $10 billion in South Africa, mostly in the energy sector, including building oil refineries, the spokeswomen for South Africa’s president Cyril Ramaphosa said on Thursday.

The move is part of Ramaphosa’s drive to attract $100 billion in investment to boost the ailing economy.

The pledge was made by Saudi Crown Prince Mohammed bin Salman during an official visit by Ramaphosa and government ministers to the oil producing nation, spokesman Khusela Diko said .

“Most of it will be in the energy sector – including building refineries, petrochemicals and renewable energy,” said Diko.

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Detail on the projects will be given during an investment summit expected to be held this year, said Diko.

Ramaphosa has promised to revive the economy and crack down on corruption since becoming president in February and after winning the leadership of the ruling African National Congress last year.

Investment and business confidence were eroded during the nine-year presidency of Ramaphosa’s predecessor, Jacob Zuma, when South Africa’s credit rating was slashed to junk by two of the top three agencies and economic growth slowed to a crawl.

Reporting by Tanisha Heiberg; Editing by Elaine Hardcastle and Alexandra Hudson