EU announces US$ 5.1 bil. investment plan to support South Africa's development initiatives

The European Union and South Africa convened their first bilateral summit in 7 years on Thursday to strengthen economic and strategic ties.

European Commission President Ursula von der Leyen and European Council President Antonio Costa met with South African President Cyril Ramaphosa in Cape Town for the 8th EU-South Africa summit, where the EU announced a substantial investment package, to support South Africa's development initiatives.

They included a commitment to an investment package worth 5.1 billion U.S. dollars, to be allocated to key sectors, such as energy, and healthcare.

The summit also addressed the broader geopolitical context, particularly the escalating trade tensions with the U.S., including President Donald Trump's recent decision to impose a 200% tariff on European alcohol.