UK Prime Minister May Gives Ramaphosa R857 Million Funding

PICTURE: GCIS

LONDON: In his drive to raise R1,2 trillion to boost the economy, President Cyril Ramaphosa has scored a deal worth millions to help South Africa improve its business environment.

Ramaphosa is in the UK on a working visit to London to attend the Commonwealth Heads of Government Meeting, which will take place on Thursday and Friday. On Tuesday held bilateral meeting with the Prime Minister May after he had met Queen Elizabeth at Windsor Castle.

In a statement issued from 10 Downing Street, “They agreed £50m (R857m) new UK funding across the next four years to help South Africa improve its business environment to make it more attractive to investors including in the UK, and ultimately lift some of the poorest people in South Africa out of poverty by creating jobs and opportunities. The funding will be used to help identify and dismantle barriers to trade within Africa and beyond, creating a wealth of opportunities for UK business over the coming years.”

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“The prime minister said she was pleased to welcome Mr Ramaphosa to the UK on his first visit as president, noting that the relationship between the UK and South Africa is strong and deep, both bilaterally and as a key Commonwealth partner,” reads the statement.

They discussed the potential for “reinvigorating and revitalising the partnership between the UK and South Africa, and May said Britain was ready to support South Africa’s transformation and National Development Plan.

“They agreed that tackling youth unemployment and social inequality was a key priority.”

“They agreed on an ambition to build on our strong bilateral trade and investment relationship, including as we leave the European Union. The prime minister noted that the UK is already the largest investor in South Africa, and that we are firm supporters of the president’s drive to attract even more investment to the country.”