UK's May to pump £4bn into Africa as EU exit looms

Aug 29, 2018: UK Prime Minister Theresa May and South African president Cyril Ramaphosa agreed to strengthen economic partnerships as the UK prepares for exit from European Union (EU) in 2019. May has announced that Britain will invest £4bn into African economies after Brexit, during her visit to the continent. She will be visiting Nigeria and Kenya during the three-day trade mission.

“The UK is one of South Africa's largest trading partners with trade of over 9 billion pounds last year and we have agreed that as the UK prepares to leave the EU we must then think about how to grow that trade for the future," said May.

May put forth her ambition that the UK becomes Africa's biggest G7 investor by 2022, starting with negotiations to conclude an economic partnership agreement (EPA) with the Southern African Customs Union (SACU), its member states and Mozambique once the EU-SADC EPA no longer applies to the UK.

Ramaphosa said the meeting with May recommitted the two countries to forge close partnerships, especially on the economic front. "We also confirmed our wish that the negotiations on the United Kingdom’s exit from the EU are concluded in a manner that restores stability to economic and financial markets. We are encouraged on the signing today of the Joint Statement on the UK, SACU and Mozambique Economic Partnership Agreement, which significantly advances these engagements," she said.