- Europe will be contributing a EUR 4.7 billion (ZAR 94 billion) Global Gateway investment package to South Africa.
With the 8th South Africa-European Union (SA-EU) Summit underway, President Cyril Ramaphosa says South Africa intends to hold further constructive discussions on a new investment package by the EU, to South Africa.
“Through this we aim to consolidate cooperation in areas such as science and technology, education and skills development, climate action, peace and security, health and critical minerals,” the President said on Thursday.
This as he is co-chairing the summit with the President of the European Council, António Luís Santos da Costa, and the President of the European Commission, Dr. Ursula von der Leyen, at Tuynhuys, in Cape Town.
The ZAR 94 billion package is designed around three key initiatives:
- Invest massively in projects that support the Just Energy Transition Partnership, in particular hydrogen, batteries, and renewables.
- Transport corridors like the North-South Lubumbashi to Durban route, to upgrade railway and port infrastructure.
- Digital networks and in particular fibre and 5G.
‘Together we have launched a global campaign to power Africa with clean energy. As we all know, Africa has enormous potential for renewable energy. The world is finally recognising it. The World Bank has just joined our efforts, which is fantastic news I think. We call it scaling up renewables in Africa. And together, we want to deliver cleaner, more sustainable power to millions of people. This autumn, again, in the margins of the G20, we will hold a major pledging event to rally the world around this cause. It will take place in Johannesburg. Today’s Global Gateway package and its focus on clean energy is already a significant pledge. And we hope this is a strong signal to others to join this pledge and to contribute.’ – Dr. Ursula von der Leyen – President of the European Commission
“We hope we can continue to rely on the support of the European Union and its member states in our efforts to alleviate poverty, transition to a low-carbon economy, invest in climate-resilient infrastructure and grow our industrial capacity,” said Mr Cyril Ramaphosa, President of South Africa.
Author: Bryan Groenendaal
