At The Historic summit, The EU Pledges €4.7 Billion to Invest in South Africa

In a major move to deepen political and economic connections, the European Union has unveiled a €4.7 billion ($5.1 billion) investment package for South Africa to assist vaccine manufacturing and green energy. The pledge was made at President Cyril Ramaphosa’s Cape Town office at the first bilateral summit between the EU and South Africa in seven years.

When speaking at the summit, Ursula von der Leyen, president of the European Commission, compared the histories of the EU and South Africa, both of which rose from war and found a way to peace through reconciliation.

Von der Leyen said, “South Africa continues to symbolise hope for the world.” Today’s joint announcement is an investment package to mobilise €4.7 billion in South Africa. South African President Cyril Ramaphosa supported this view and emphasized the value of cooperation in preserving common ideals.

The two countries already have a solid trading connection with the EU being South Africa’s biggest commercial partner in sub-Saharan Africa. Von der Leyen reaffirmed Europe’s determination to increase commercial relations.

She referred to South Africa as a “reliable partner” with a reputation for stability and predictability, saying, “We want to strengthen and diversify our supply chains, but we want to cooperate with you.

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