China Announces Plans To Invest $15b In South African Economy And Infrastructure -- Society's Child -
Beijing has pledged to bankroll $14.7 billion in South Africa and provide the country's power utility and logistics corporation with loans. The South African rand firmed by more than one percent on news of the investment. The announcement followed a meeting between the two countries' leaders President Cyril Ramaphosa and Chinese President Xi Jinping in Pretoria. Xi's state visit took place ahead of the 10th BRICS summit, scheduled for July 25-27. South Africa's biggest city of Johannesburg is set to welcome the heads of Brazil, Russia, India, and China.