Saudi Ara­bia and SA $10bn en­ergy boost

Vuk'uzenzele - - Gryeonluaetrihaonlfsoc/ Uafsrica -

THE COM­MIT­MENT from the King­dom of Saudi Ara­bia demon­strates con­fi­dence in the South African econ­omy and gives fur­ther mo­ti­va­tion to the coun­try’s drive to raise $100 bil­lion in new in­vest­ment over the next five years to cre­ate jobs.

A$10 bil­lion in­vest­ment pledge into the South African en­ergy sec­tor by Saudi Ara­bia is set to en­hance en­ergy se­cu­rity, cre­ate ca­pac­ity and re­duce the cost of en­ergy in South Africa.

The pledge was made dur­ing Pres­i­dent Cyril Ramaphosa’s re­cent State visit to Saudi Ara­bia.

“This com­mit­ment from the King­dom is a demon­stra­tion of con­fi­dence in our econ­omy and gives fur­ther mo­ti­va­tion to South Africa’s drive to raise $100 bil­lion in new in­vest­ment over the next five years to cre­ate jobs and for de­vel­op­ment,” said Pres­i­dent Ramaphosa.

The Pres­i­dent char­ac­terised his State visit to the King­dom of Saudi Ara­bia as a re­mark­able success. He en­gaged in of- fi­cial talks with King Sal­man bin Ab­du­laziz al Saud, the Crown Prince Muham­mad bin Sal­man and the gov­ern­ment of Saudi Ara­bia dur­ing his one-day State visit.

The Pres­i­dent was ac­com­pa­nied by the Min­is­ters of In­ter­na­tional Re­la­tions and Co­op­er­a­tion; De­fence and Mil­i­tary Vet­er­ans; En­ergy and Po­lice as well as the Deputy Min­is­ter of Trade and In­dus­try.

Dur­ing the visit, Saudi Ara­bia pledged sup­port for South Africa to be ac­corded ob­server sta­tus in the Or­ga­ni­za­tion for Is­lamic Co-op­er­a­tion (OIC).

The OIC is the sec­ond largest in­ter-gov­ern­men­tal or­gan­i­sa­tion af­ter the United Na­tions with a mem­ber­ship of 57 states spread over four con­ti­nents.

It aims to safe­guard and pro­tect the in­ter­ests of the Mus­lim world in the spirit of pro­mot­ing in­ter­na­tional peace and har­mony among var­i­ous peo­ple of the world.

Ob­server sta­tus will give South Africa a num­ber of priv­i­leges in terms of ac­cess­ing de­vel­op­men­tal co-op­er­a­tion sup­port, es­pe­cially its fi­nan­cial in­sti­tu­tions that sup­port in­fra­struc­ture de­vel­op­ment as well.

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