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Saudi Arabia will invest $10 billion in South Africa, focusing on South Africa's struggling energy sector
, according to a South African government spokesman.
That commitment came during South African President Cyril Ramaphosa's state visit to Saudi Arabia this week
.
Government spokesman Khusela Diko said on Thursday that most of the cash would be pumped into South Africa's energy sector, "including the construction of refineries, petrochemicals and renewable energy,"
Reuters reported.
Saudi Arabia's commitment forms part of Ramaphosa's mission to generate $100 billion in foreign direct investment
.
While South Africa is the most industrialized country on the continent, its once-promising economy has endured years of downturn
due to falling commodity prices and rampant government corruption.
South Africa's economic fundamentals have also not looked optimistic
in recent months.
In the first three months of this year, the country's gross domestic product (GDP) fell by 2.
2%
month-on-month, according to Statistics South Africa.
Saudi Arabia will invest $10 billion in South Africa, focusing on South Africa's struggling energy sector
, according to a South African government spokesman.
That commitment came during South African President Cyril Ramaphosa's state visit to Saudi Arabia this week
.
Government spokesman Khusela Diko said on Thursday that most of the cash would be pumped into South Africa's energy sector, "including the construction of refineries, petrochemicals and renewable energy,"
Reuters reported.
Saudi Arabia's commitment forms part of Ramaphosa's mission to generate $100 billion in foreign direct investment
.
While South Africa is the most industrialized country on the continent, its once-promising economy has endured years of downturn
due to falling commodity prices and rampant government corruption.
South Africa's economic fundamentals have also not looked optimistic
in recent months.
In the first three months of this year, the country's gross domestic product (GDP) fell by 2.
2%
month-on-month, according to Statistics South Africa.
