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South Africa says Saudi Arabia to invest $10 billion in the country, focus on energy


(Reuters) - will invest at least $10 billion in South Africa, mostly in the energy sector, including building refineries, the spokeswomen for South Africa's said on Thursday.

The move is part of Ramaphosa's drive to attract $100 billion in investment to boost the ailing economy.

The pledge was made by Saudi during an official visit by Ramaphosa and government ministers to the producing nation, said .

"Most of it will be in the - including building refineries, petrochemicals and renewable energy," said Diko.

Detail on the projects will be given during an investment summit expected to be held this year, said Diko.

Ramaphosa has promised to revive the economy and crack down on corruption since becoming in February and after winning the leadership of the ruling last year.

Investment and business confidence were eroded during the nine-year presidency of Ramaphosa's predecessor, Jacob Zuma, when South Africa's credit rating was slashed to junk by two of the top three agencies and economic growth slowed to a crawl.

(Reporting by Tanisha Heiberg; Editing by and Alexandra Hudson)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 12 2018. 22:44 IST