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.

The European Union on Thursday announced a 4.7 billion euro investment pact with South Africa aimed in part at supporting the country’s just energy transition.

EU chief Ursula von der Leyen announced Thursday plans to have billions of euros pumped into investments in South Africa, as Europe seeks to reassert its influence in a country in the crosshairs of the United States.