Saudi Arabia commits to invest $10bn in South Africa
(Ecofin Agency) - Saudi Arabia announces it would invest $10 billion in South Africa. According to Bloomberg which reported the news giving no further details, this new financing mainly targets energy sector and other key sectors.
Authorities said more funding details would be given by October during an investment summit that will be held in the country. Let’s note that this financing is timely as president Cyril Ramaphosa wants to make South Africa attractive again to investors in order to revive a flagging economy.
According to a recent IMF report (April) the country should record a 1.5% growth this year, slightly up from the 1.3% in 2017.
Moutiou Adjibi Nourou