The UK and South Africa will join forces to unlock investments for major infrastructure projects and green hydrogen initiatives.
The project was announced at the start of South African President Cyril Ramaphosa’s November state visit to the UK.
South Africa is the continent’s second-largest economy and is already the UK’s biggest trading partner in Africa, with trade worth £10.7 billion annually. Unlocking export finance offers significant opportunities for British businesses to invest and trade.
Turbocharging growth
Welcoming the President, Prime Minister Rishi Sunak said the UK and South Africa had ambitious plans to turbocharge infrastructure investment and economic growth together.
The next phase of the UK-South Africa Infrastructure Partnership is expected to be worth up to £5.37 billion over the next three years for British companies.
Launched this month, it supports South Africa’s economic growth through major infrastructure. The UK Government will also confirm new grant-funded technical assistance to South Africa to help unlock green hydrogen opportunities and boost skills in this key sector.
Green transition benefits
Mr Sunak said: “I look forward to discussing how we can deepen the partnership between our two great nations and capitalise on shared opportunities, from trade and tourism and security and defence.”
In addition, a new education and skills partnership between the countries will promote shared learning in technical and vocational education, driving youth employment.
UK funding will build the highly sought-after technical and entrepreneurial skills in the biggest growth sectors including green technology and electric vehicle manufacture, ensuring South Africa’s youth are benefitting from the green transition.
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