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2mo ago

EU Announces €4.7 Billion Investment in South Africa to Strengthen Ties

The funding focuses on clean energy, vaccine manufacturing, and economic cooperation as South Africa navigates reduced U.S. support.

President Donald Trump listens as Ireland's Prime Minister Micheál Martin speaks during an event in the East Room of the White House in Washington, Wednesday, March 12, 2025. (AP Photo/Alex Brandon)
South Africa's President Cyril Ramaphosa and European Commission President Ursula von der Leyen, attend the 8th EU-South Africa summit, in Cape Town, South Africa, March 13, 2025. REUTERS/Esa Alexander
European Commission president Ursula von der Leyen walks to brief European Parliament members on new plans to ramp up defense spending agreed at last week's summit, Tuesday, March 11, 2025 at the European Parliament in Strasbourg, eastern France. (AP Photo/Pascal Bastien)
South Africa's President Cyril Ramaphosa addresses delegates at G20 Finance Ministers and Central Bank Governors meeting in Cape Town, South Africa, Wednesday, Feb. 26, 2025. (AP Photo/Nardus Engelbrecht)

Overview

  • The European Union unveiled a €4.7 billion investment package under its Global Gateway Initiative, focusing on green energy projects, vaccine production, and infrastructure development in South Africa.
  • The investment aims to support South Africa's transition to clean energy, including hydrogen power, while minimizing socio-economic disruptions in coal-dependent communities.
  • South African President Cyril Ramaphosa emphasized the importance of multilateralism and shared values in the partnership, highlighting the EU's role as a key trading and investment partner.
  • The summit comes after the U.S. withdrew climate funding and cut aid to South Africa, with EU leaders stressing their commitment to long-term cooperation.
  • EU representatives also addressed global geopolitical challenges, seeking to bolster ties with South Africa as part of a broader strategy to strengthen alliances and counter unilateral policies.