A $10 billion investment pledge into the South African energy sector by Saudi Arabia is set to enhance energy security, create capacity and reduce the cost of energy in South Africa.
The pledge was made during President Cyril Ramaphosa’s recent State visit to Saudi Arabia.
“This commitment from the Kingdom is a demonstration of confidence in our economy and gives further motivation to South Africa’s drive to raise $100 billion in new investment over the next five years to create jobs and for development,” said President Ramaphosa.
The President characterised his State visit to the Kingdom of Saudi Arabia as a remarkable success. He engaged in official talks with King Salman bin Abdulaziz al Saud, the Crown Prince Muhammad bin Salman and the government of Saudi Arabia during his one-day State visit.
The President was accompanied by the Ministers of International Relations and Cooperation; Defence and Military Veterans; Energy and Police as well as the Deputy Minister of Trade and Industry.
During the visit, Saudi Arabia pledged support for South Africa to be accorded observer status in the Organization for Islamic Co-operation (OIC).
The OIC is the second largest inter-governmental organisation after the United Nations with a membership of 57 states spread over four continents.
It aims to safeguard and protect the interests of the Muslim world in the spirit of promoting international peace and harmony among various people of the world.
Observer status will give South Africa a number of privileges in terms of accessing developmental co-operation support, especially its financial institutions that support infrastructure development as well.