#BRICS: SA signs $14 billion trade agreements with China

Ramaphosa makes it rain as he secures $14.7-billion from China

Ramaphosa makes it rain as he secures $14.7-billion from China

Professor White says there are various reasons why South Africa is part of the Brics and why it punches above its weight.

"China... and will take active measures to expand imports from South Africa so as to support the government", Xi said.

China is now the single greatest investing country to the continent and with its trade war with the United States having taken effect it was expected that most of the Asian country's investment may be for South Africa's earth metals or other products that were hit by hefty tariffs by the US.

Ramaphosa said that government recognised that though trade figures had grown steadily over the past two years, bilateral trade had not reached its full potential, hence avenues were being explored for increasing trade and identifying sectors for future investment, and promoting tourism between the two countries.

Ramaphosa makes it rain as he secures $14.7-billion from China

Cash-strapped power utility Eskom Holdings SOC Ltd. secured a $2.5 billion long-term loan facility with China Development Bank, taking the funding it's secured to nearly two-thirds of what it needs for this year.

Among the major investment commitments agreed upon were proposed investment injections by the China Development Bank and Industrial and Commercial Bank of China to Eskom and Transnet respectively. "President Ramaphosa and I had a very productive discussion during which we discussed further taking forward our strategic partnership. We need to build closer high-level engagement".

China's President Xi Jinping, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi and Brazilian President Michel Temer will attend the annual summit, along with several African leaders invited as guests.

The rand climbed as much as 1.2 percent against the dollar and was 0.9 percent higher at 13.3447 at 2:30 p.m.in Johannesburg.

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