China Pledges to Inject Another 60 billion USD for Africa

Addis Ababa 03/2018 China announced eight areas of cooperation with Africa through injecting 60 billion USD in the coming three years. In his keynote address to the 7th summit of the Forum on China-Africa Cooperation (FOCAC) underway in Beijing, President Xi Jinping said China will provide 60 billion USD to support Africa. China provided the same amount of money to Africa during the preceding FOCAC summit in 2015 in Johannesburg, South Africa. President Xi said he has visited many African countries, noting that Africa is a “land of hope” endowed with immense natural resources that is sufficient for the world. In order to realize this, cooperation is needed; the president said adding that China will continue its support for Africa. In this regard, it has announced eight areas of cooperation with a cumulative of 60 billion USD in the form of concessional loan and other development support to be implemented in the coming three years, Xi said. Chinese companies will also be expected to invest 10 billion USD in Africa in the next three years. Industrial incentives, infrastructure development, trade facilitation and green economy, capacity building, housing development, people to people relations and peace and security are the priority areas, it was learned. The support will be provided in the form of government assistance as well as investment and financing by financial institutions and companies, the president pointed out. China will also increase its imports from Africa, especially for non-resource products, and will facilitate African financial institutions’ bond issuances in China, he added. South Africa President and Co-chair of the forum, Cyril Ramaphosa said the forum has been strengthening South-South cooperation. He appreciated the Chinese government for the new initiative. UN Secretary General Antonio Guteres on his part said that the China-Africa cooperation will help to ensure fair access to development. As fair access to development is one of the priority areas of UN agenda, he approached the move. Encouraging Chinese support for such initiative, he said UN will extend its support. The Beijing forum brings together leaders from China and more than 50 African countries.