China to revamp S. Africa flagging economy

China has signed 26 agreements worth R94 billion ($6.5 billion) with South Africa to support the country’s flagging economy, as President Xi Jinping met with counterpart Jacob Zuma on Wednesday.

The deals include a $2.5-billion credit line provided by China Export & Credit Insurance to Transnet for electrical and mechanical equipment, and a $500-million China Development Bank loan-finance accord to help Eskom complete its power plant construction plan.

The agreements also include a waiver of visa requirements for diplomatic and official passport holders, the establishment of a China Cultural Centre in South Africa and cooperation between South African and Chinese revenue and customs departments.

Xi is on a five-day visit and will participate Friday and Saturday in the Forum on China-Africa Cooperation with leaders from across the continent.

About Khalid Al Mouahidi 3549 Articles
Khalid Al Mouahidi : A binational from the US and Morocco, Khalid El Mouahidi has worked for several american companies in the Maghreb Region and is currently based in Casablanca, where he is doing consulting jobs for major international companies . Khalid writes analytical pieces about economic ties between the Maghreb and the Mena Region, where he has an extensive network