Oil-rich Kingdom of Saudi Arabia has pledged $10 billion (approx. R134 billion) to President Cyril Ramaphosa’s drive to raise a minimum of $100 billion (approx R1.3 trillion) to bolster the country’s economy.
Ramaphosa is in Jeddah, the kingdom's commercial capital, on a state visit to strengthen economic relations with the crucial powerhouse in Middle East, a key ally of the United States.
Most of the money will go to energy and power generation.
Ramaphosa, who landed in the kingdom last night, is accompanied by Energy Minister Jeff Radebe, Police Minister Bheki Cele and Defence Minister Nosiviwe Mapisa-Nqakula.
A memorandum on defence will be signed, among others.
Ramaphosa is on a three nation state visit to Nigeria, Saudi Arabia and the United Arab Emirates (UAE).
South Africa imports approximately 47% of its oil from Saudi Arabia and the kingdom is also a large investor in the country in areas of renewable energy.
The total trade between South Africa and Saudi Arabia amounted to just over R55 billion in 2017.
On Wednesday, Ramaphosa met with Nigerian president Muhammadu Buhari, to address issues of the safety of Nigerians in South Africa and to also strengthen ties with Africa’s largest economy.
* Receive IOL's top stories via Whatsapp by sending your name to 0745573535 .