Midrand: AfricUpdate – News Desk
The European Union has pledged €11.5 billion (R230 billion) in investment in South African sustainable energy projects, transport and health sectors. “Europe is doubling down on its ambition to work with South Africa to become global leaders in the just energy transition, sustainable infrastructure, digital connectivity and pharmaceutical value chain,” the EU’s delegation to South Africa said in a statement on its website late Thursday.
The announcement comes after a pledge of €4.7 billion in March. The statement didn’t elaborate if the latest amount is over and above that initial figure. About €8.7 billion will be in the form of blended financing – a combination of public and private money – with much of that going to build facilities to process critical minerals and green hydrogen in Africa’s biggest economy, the delegation said in a factsheet.
The move will help the EU secure supplies of the minerals needed for energy transition. The rest of the financing will be direct toward activities ranging from strengthening infrastructure against adverse weather, to transport and vaccine production.
