China’s Xi promises $14.7 billion of investment during South Africa visit

BRICS trade surges by 30% as global market influence of developing economies grows – Putin

After the opening ceremony President Ramaphosa announced that China had promised investments worth $14.7bn into South Africa.

Ramaphosa has focused on revitalising Eskom, which received an injection of $2.5 billion from China Development Bank and reported a $171 million full-year loss on Monday.

Speaking from the Union Buildings offices in Pretoria, where the loan agreement was signed, Eskom chief executive Phakamani Hadebe said the loan was part of Eskom's funding requirements for the financial year, which was now at 62%.

"We are meeting here at a time when the multilateral trading system is facing unprecedented challenges", he said in a speech.

He said the loan demonstrated confidence in Eskom's new board and management.

South African President Cyril Ramaphosa called for thorough discussions at the summit on the role of trade in promoting sustainable development and inclusive growth.

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The two leaders took the opportunity to "strengthen the comprehensive strategic partnership" between the two Brics nations as they signed several agreements and memorandums of understanding "intended to deepen relations".

Transnet, one of a handful of state firms accused of irregularities in the awarding of state contracts under former President Jacob Zuma, received $300 million from Industrial and Commercial Bank of China. This was in sharp contrast to the $60-billion outward investment by South Africa to Brics countries.

China - the largest of the five Brics countries, has been locked in an ongoing trade war over tariffs with the USA since President Donald Trump raised duties on billions of dollars worth of Chinese exports. "More investment and less outright pushing of products into a market".

"The global community has reached a new crossroads; and we are facing a choice between cooperation and confrontation, between opening-up and a close-door policy, and between mutual benefit and a beggar-thy-neighbor approach", Xi said.

Davies says South Africa wants to strengthen its investment relationship with China.

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