China to invest $14bn in S. Africa – Ramaphosa

South African President Cyril Ramaphosa said on Tuesday that China would invest $14 billion in the country. The statement came after Ramaphosa held talks with President Xi Jinping in Pretoria on the eve of a multilateral summit, AFP reported. Ramaphosa came to power in February pledging to revive the economy and attract investors after Jacob Zuma was ousted from office at the end of a nine-year reign dominated by graft scandals and low economic growth. “We have signed several agreements and memorandums of understanding that are intended to further deepen our relations, including investment commitments to the value of $14 billion,” Ramaphosa said. Among the deals signed on Tuesday was a $2.5 billion loan to South Africa’s state-run power company Eskom, which is burdened by massive debts.