European Union leaders have announced a 4.7 billion euro ($5.1 billion) investment package in South Africa to support green energy transition and vaccine production at their first bilateral summit in seven years.

European Union leaders announced a 4.7 billion euro ($5.10 billion) investment package during a visit to South Africa on Thursday, at a time when both are on worse terms with the United States than they have been for decades.

The EU's investment package includes funding to boost vaccine manufacturing and for a transition to clean energy.The European Union will invest $5 billion in South African aid and development projects,

The European Union and South Africa are holding their first summit since 2018, the latest step toward shoring up a shaky relationship in a world where both are currently the target of US President Donald Trump’s capricious politics.

President Cyril Ramaphosa has welcomed the European Union’s €4.7 billion Global Gateway Investment Package aimed at supporting strategic investment projects.

European Commission President Ursula von der Leyen on Thursday announced a new 4.7 billion euro ($5.10 billion) investment package for South Africa on a visit to the country. Von der Leyen said the Global Gateway investment package was to support a just energy transition,