EU announces huge investment in clean energy in South Africa — President Cyril Ramaphosa and European Commission president Ursula von der Leyen meet in Brussels, Belgium, on 9 October. Yves Herman/Reuters

The EU has pledged to invest €11.5-billion (R230-billion) in South Africa in clean energy, infrastructure and pharmaceutical projects, it said late on Thursday.

A large chunk of the investment aims to accelerate South Africa’s shift to renewable energy through new power generation capacity, grid upgrades, energy storage and green hydrogen.

Africa’s biggest economy is trying to woo investors to help lift flagging growth and bring down high unemployment, while US tariffs have also dealt it a blow.

The EU’s statement mentioned the Coega Green Ammonia Project, which seeks to meet growing demand for green ammonia in agriculture, chemicals and mining, and bolstering production of vaccines and other pharmaceuticals in South Africa for the African continent.

European Commission president Ursula von der Leyen pledged €4.7-billion of investment in March during a visit to South Africa, and it was not immediately clear whether the latest investment pledge included that money or was in addition to it.

South Africa’s export outlook took a knock from the 30% tariff US President Donald Trump imposed on its goods in August, as well as from the expiry of a major US trade initiative with Africa at the end of last month.