European Union leaders announced a 4.7 billion euro ($5.10 billion) investment package during a visit to South Africa on Thursday, at a time when both are on worse terms with the United States than they have been for decades.

European Union leaders have announced a 4.7 billion euro ($5.1 billion) investment package in South Africa to support green energy transition and vaccine production at their first bilateral summit in seven years.

European Commission President Ursula von der Leyen on Thursday announced a new 4.7 billion euro ($5.10 billion) investment package for South Africa on a visit to the country. Von der Leyen said the Global Gateway investment package was to support a just energy transition,

South Africa's budget may be tweaked further as more talks between political parties will try to overcome differences over a contentious plan to raise value-added tax, the country's finance minister told Reuters.

B udget announcements are rarely dramatic events in South Africa. But the statement on March 12th by Enoch Godongwana, the finance minister, could be the most consequential since the end of white rule in 1994.