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Wednesday, 2 December 2015

China, South Africa sign MoU worth 6.5bn dollar

Agreements worth around 6.5 billion dollars were signed between South Africa and China in Pretoria on Wednesday during a two day state visit by President Xi Jinping.

South Africa’s presidency said in a statement that the 26 agreements had taken bilateral cooperation between the two countries to a higher level.
South Africa’s economy has been hit by a range of problems in 2015 including a worldwide fall in demand for its precious metals, ageing energy and infrastructure.
It has also been hit by the worst drought in three decades that is causing food prices to rise sharply.
Presidents Jacob Zuma and Xi are due to discuss a range of topics during the visit, including the alignment of industries to accelerate South Africa’s industrialisation process, infrastructure development and financial cooperation.
One of the agreements signed on Wednesday included a loan agreement between the China Development Bank Corporation and South Africa’s state-owned energy provider Eskom, it said.
It also said that another agreement was signed to fund infrastructure and industrial development projects in South Africa and Africa.

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