Bank of China plans to invest about 53 million dollars in South Africa

The state-owned Bank of China announced the signing of a memorandum of understanding with the Industrial Development Corporation of South Africa to support a financing program worth 10 billion rand “about 53 million dollars” for projects in the mining, energy, infrastructure and agriculture sectors over the next five years.

The South African magazine “Mining Weekly”, which reported this, said that the memorandum of Understanding signed on the sidelines of the BRICS Summit, held in South Africa from August 22 to 24, also aims to formalize the partnership between the Chinese bank and the South African Industrial Development Corporation .

She pointed to the signing of a second memorandum of understanding also between the minister of Trade, Industry and competition of South Africa, Ibrahim Patel, and the China Development Fund for Africa, explaining that this memorandum specifically concerns the co-financing of green economy projects, especially related to the processing of biominerals, green hydrogen and electric vehicles .

She added that these sectors are where the South African country in particular has a fairly good position, since it returns the export port for minerals such as copper and cobalt from Zambia and the Democratic Republic of the Congo .

Commenting on the signing of the memorandums of understanding, the South African Minister of trade said:” the two memorandums of understanding pave the way for cooperation in the field of manufacturing industries, which will significantly contribute to industrial growth, technological progress and economic prosperity in South Africa.