European Union leaders have announced a 4.7 billion euro ($5.1 billion) investment package in South Africa to support green energy transition and vaccine production at their first bilateral summit in seven years.

European Union leaders announced a 4.7 billion euro ($5.10 billion) investment package during a visit to South Africa on Thursday, at a time when both are on worse terms with the United States than they have been for decades.

European Union leaders on Thursday announced a €4.7 billion ($5.10 billion) investment package during a visit to South Africa. This comes at a time when both the EU and South Africa are experiencing strained relations with the United States.

South Africa's rand weakened on Thursday as the dollar recovered some ground after recent losses, a day after South Africa's national budget was tabled before lawmakers and met with resistance. At 1504 GMT,

South Africa has entered unchartered waters following deep divisions in the coalition government over the national budget that has finally been tabled after a month-long delay. This is the view of analysts after Finance Minister Enoch Godongwana's budget drew a backlash from various quarters,