Published: Thu, July 26, 2018
Global News | By Blake Casey

Xi calls on China, South Africa to continue striving for closer ties

Xi calls on China, South Africa to continue striving for closer ties

China's President Xi Jinping, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi and Brazilian President Michel Temer will attend the annual summit, along with several African leaders invited as guests.

Speaking from the Union Buildings offices in Pretoria, where the loan agreement was signed, Eskom chief executive Phakamani Hadebe said the loan was part of Eskom's funding requirements for the financial year, which was now at 62%.

Ramaphosa said the intra-Brics cooperation has been gaining momentum in areas such as finance, agriculture, trade, health, education, security and academic dialogue.

He said the loan demonstrated confidence in Eskom's new board and management.

Xi's counterparts from Russia, Brazil and India will join him at the summit, as will Turkish President Recep Tayyip Erdogan and African leaders such as Angola's João Lourenço and Zambia's Edgar Lungu.

American Celeb Singer Demi Lovato Hospitalized For Drug Overdose
The singer-actress, who entered rehab in 2010, struggled with an eating disorder, self-mutilation and other issues. She was scheduled to perform on Thursday (July 26) in Atlantic City as part of the city's beach concert series.


Among the deals signed on Tuesday was a US$2.5 billion loan to South Africa's state-run power company Eskom, which is burdened by massive debts and embroiled in graft allegations involving Zuma's government. Ramaphosa said trade figures had grown steadily between the two countries over the past few years, but bilateral trade had not yet reached its full potential.

Transnet, one of a handful of state firms accused of irregularities in the awarding of state contracts under former President Jacob Zuma, received $300 million from Industrial and Commercial Bank of China. "He has just secured another big investment, this time from China".

Chinese President Xi Jinping, following his visit to the UAE last week, has already used his arrival in Africa to forge friendships and consolidate influence with multibillion-dollar investments in the continent, including South Africa, which counts China as its biggest trading partner, Bloomberg reported. "More investment and less outright pushing of products into a market".

"A global trade war should be rejected because there will be no victor", said Xi, who oversees the world's second-largest economy, and whose nation is dominant in the BRICS bloc.

"We should be resolute in rejecting unilateralism", Xi said at the opening ceremony.

Like this: