Wednesday, 12 December, 2018

China announces $60 billion in financing for Africa with ‘no strings attached’

President Cyril Ramaphosa addresses a business breakfast in Beijing with business leaders Xi Jinping to showcase BRI at China-Africa summit in Beijing
| 03 September, 2018, 19:31

"Western media deliberately portray Africans in misery for collaborating with China and they appear to have discovered big news by finding occasional complaints in the African media about Sino-Africa cooperation", it said.

He posted: "President Muhammadu Buhari arrives in Beijing, the People's Republic of China to participate in the 7th Summit of the Forum on China - Africa Cooperation (FOCAC2018)".

Xi said China would set up a China-Africa peace and security fund and that a total of 50 "security assistance" programs will be carried out, such as United Nations peacekeeping missions, fighting piracy and combating terrorism.

In the recent five years, China-Africa relations have gained practical results, bringing tangible benefits to both peoples, including unprecedentedly frequent high-level exchanges and strengthened political guidance. The inaugural 2006 summit was held in Beijing and followed by another one in 2015 at Johannesburg. "Our growing ties with China do not come at anyone's expense".

"China does not interfere in Africa's internal affairs and does not impose its own will on Africa".

"China will extend $60 billion of financing to Africa in the form of government assistance as well as investment and financing by financial institutions and companies".

"I also hope you will do more in staff training and bettering lives for the local people and will put more emphasis on the environment and resources", Xi said.

"For three years, cooperation between China and Africa has deepened and political mutual trust promoted", said Li Dan.


The ministers also discussed the 2018 Beijing Action plan which will be adopted at the Summit.

"This means that China is likely to even get a larger share of Kenya's market once we enter into a free trade arrangement", Mr Kiptoo said, explaining Nairobi's opposition of the deal. "This will be a priority in the next phase of cooperation", Zhou Yuxiao said.

It would be recalled that in 2013, the Chinese leader proposed the initiative of building the Silk Road Economic Belt and the 21st-Century Maritime Silk Road, with a view to integrating the development strategies of partnering countries.

Li Dan said cooperation would not only be enhanced in traditional areas but also expanded to the environment, peace and security.

Costantinos Bt. Costantinos, who served as an economic advisor to the African Union and the United Nations Economic Commission for Africa, told Xinhua that "more than any other nation in Africa, Ethiopia is the first beneficiary of the initiative through the Addis Ababa-Djibouti rail link".

"African countries have been positive about the Belt and Road Initiative", Li Dan said.

6 - King Mswati of eSwatini (formerly Swaziland) - they opted out of the summit because of a diplomatic spat with Beijing over status of Taiwan.

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