The European Union has pledged $5 billion to South Africa to support vaccine manufacturing and clean energy projects, announced EU chief Ursula von der Leyen during a summit. This investment comes in response to significant funding gaps left by the US's cancellation of aid, particularly in healthcare. South African President Cyril Ramaphosa emphasized the need for strengthened partnerships amid global uncertainty. The summit marked the first meeting of its kind in seven years, highlighting the EU's commitment to fostering local jobs and sustainable development in South Africa versus extractive economic practices.
"South Africa wants to protect the health of [its] people. We Europeans want to diversify some of our most critical supply chains. This is what I call a true mutual interest," von der Leyen said.
"What is going on in the world is even going to strengthen our resolve to remain partners in order to tackle the many challenges that are arising," Ramaphosa told reporters.
"Some countries are interested in just extracting materials from the ground and exporting profits elsewhere. That is not our model," von der Leyen said at the summit.
The announcement came at the first bilateral summit between the bloc and South Africa, the EU's largest sub-Saharan trading partner, in seven years.
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