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 European Union has pledged its commitment to strengthening ties with South Africa, announcing a R94b investment package which has divided locals.

Senior European Union officials are in South Africa for a summit with President Cyril Ramaphosa that centers on bolstering trade and diplomatic ties as both feel the impact of the Trump administration

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

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,