China to invest billions in SA
President Cyril Ramaphosa has confirmed that China will invest $14.7 billion in the South African economy.
China's President Xi Jinping is on a state visit to South Africa ahead of the Brics Summit in Johannesburg this week.
Ramaphosa and Xi briefed the media at the Union Buildings following bi-lateral talks between the two countries.
Ramaphosa said the relationship between China and South Africa has grown from being only bilateral to a more strategic relationship.
"We have signed several agreements and memorandums of understanding that are intended to further deeper our relations including investment commitments that have been struck to the value of $14.7 billion".
The agreements include a $2.5 billion loan from the China Development Bank to Eskom.
"This is part of moving us to the 62% of our funding secured for this year. It's basically a normal commercial loan for the financing our our coal fired power stations," Eskom treasurer Andre Pillay told the media.
Other agreements signed relate to further strengthening trade and the simplification of visa regulations.
Ramaphosa and Xi briefed the media at the Union Buildings following bi-lateral talks between the two countries.
Ramaphosa said the relationship between China and South Africa has grown from being only bilateral to a more strategic relationship.
"We have signed several agreements and memorandums of understanding that are intended to further deeper our relations including investment commitments that have been struck to the value of $14.7 billion".
The agreements include a $2.5 billion loan from the China Development Bank to Eskom.
"This is part of moving us to the 62% of our funding secured for this year. It's basically a normal commercial loan for the financing our our coal fired power stations," Eskom treasurer Andre Pillay told the media.
Other agreements signed relate to further strengthening trade and the simplification of visa regulations.
Ramaphosa has also been invited to an official state visit to China in September.
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