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EU declares S-Africa investment following US assistance reduction
(MENAFN) The European Union (EU) has pledged €4.7 billion (over $5 billion) in investment for South Africa, focusing on clean energy, vaccine production, and digital infrastructure, European Commission President Ursula von der Leyen announced on Thursday.
The investment package was unveiled during an EU-South Africa summit, aimed at strengthening ties between Brussels and Pretoria. The announcement follows the US decision to withdraw financial aid to South Africa amid escalating diplomatic tensions.
Von der Leyen emphasized Europe's long-term commitment, stating, “We know that others are withdrawing. We are here to stay.” The bulk of the package, €4.4 billion, will support renewable energy projects, including wind, solar, and hydrogen power expansion.
The move comes after Washington exited the International Partners Group (IPG), a coalition of nations assisting South Africa’s transition to clean energy. The withdrawal means South Africa stands to lose over $1 billion in US-backed investment.
Last week, US President Donald Trump announced the end of all federal funding to South Africa, citing concerns over a controversial land expropriation law. Trump criticized the legislation as an "egregious action", while South African President Cyril Ramaphosa defended it as an effort to address racial disparities in land ownership.
Speaking at the summit in Cape Town, Ramaphosa noted the growing trend of “unilateralism and economic nationalism”, highlighting the importance of international cooperation in uncertain times.
The investment package was unveiled during an EU-South Africa summit, aimed at strengthening ties between Brussels and Pretoria. The announcement follows the US decision to withdraw financial aid to South Africa amid escalating diplomatic tensions.
Von der Leyen emphasized Europe's long-term commitment, stating, “We know that others are withdrawing. We are here to stay.” The bulk of the package, €4.4 billion, will support renewable energy projects, including wind, solar, and hydrogen power expansion.
The move comes after Washington exited the International Partners Group (IPG), a coalition of nations assisting South Africa’s transition to clean energy. The withdrawal means South Africa stands to lose over $1 billion in US-backed investment.
Last week, US President Donald Trump announced the end of all federal funding to South Africa, citing concerns over a controversial land expropriation law. Trump criticized the legislation as an "egregious action", while South African President Cyril Ramaphosa defended it as an effort to address racial disparities in land ownership.
Speaking at the summit in Cape Town, Ramaphosa noted the growing trend of “unilateralism and economic nationalism”, highlighting the importance of international cooperation in uncertain times.
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