Advertisements
//
you're reading...
Trade & Investment

China pledges $60 billion in funding support to Africa


Chinese President Xi Jinping shakes hands with South African President Jacob Zuma at the Great Hall of the People on September 4, 2015 in Beijing, China. China's choice of South Africa to host the China-Africa summit underscores the special relationship between the two countries.

Chinese President Xi Jinping shakes hands with South African President Jacob Zuma at the Great Hall of the People on September 4, 2015 in Beijing, China. China’s choice of South Africa to host the China-Africa summit underscores the special relationship between the two countries.

Chinese President Xi Jinping announced Friday that the country will pledge a new round of funding support to Africa‘s development, worth $60 billion.

Analysts had wondered if the pace of Chinese investment in Africa would slow, particularly in infrastructure projects, because of the slowing growth of the Chinese economy.

The announcement, however, seems to indicate that China’s commitment to the continent will continue, and it will be focused on 10 projects over the next three years.

“African affairs to the African people”

China has been criticized on the continent for bringing in Chinese state-owned firms and Chinese workers to complete projects.

In his keynote speech at the Forum on China-Africa Cooperation (FOCAC), currently underway in Johannesburg, South Africa, Xi Liping has also given the pledge a clearer context: “China strongly believes that Africa belongs to the African people and that African affairs should be handled by the African people,” he said.

The package — which is almost twice as large as the $30 billion worth of funding announced in 2012, will cover several key areas including agriculture, renewable energy, skills training, health, peace and security and infrastructure development.

Comrades in arms

Early in his speech, Xi noted that China and Africa were “comrades in arms in the quest for liberation and freedom, at the height of colonialism and apartheid.”

Therefore, he continued, “it was only natural that Africa has developed a win-win partnership for development and progress with China over the years.”

The program includes $5 billion of free aid and interest-free loans, $35 billion of preferential loans and export credit and $5 billion dollars of additional capital for the China-Africa Development Fund and the Special Loan for the Development of African SMEs, and $10 billion of funding for a China-Africa production capacity cooperation.

China has been Africa’s largest trade partner for six years in a row, and the relationship has topped $222 billion last year.

China-Africa relations have today reached a stage of growth unmatched in history,” Xi said.

“Let’s join hands… and open a new era of China-Africa win-win cooperation and common development.”

Source: CNN – China pledges $60 billion in funding support to Africa

 

Advertisements

About Craig Hill

General Manager at Craig Hill Training Services * Get an Australian diploma by studying in your own country * Get an Australian diploma using your overseas study and work experience * Diplomas can be used for work or study in Australia and other countries. * For more information go to www.craighill.net

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Advertisements

Type 407 Training Visas

Get An Australian Diploma

Learn How To Sell Real Estate To Chinese Buyers

Sell Your Real Estate To Chinese Investors

China Daily Mail

China Daily Mail is not affiliated in any way with The China Daily or the government of the People's Republic of China.

Enter your email address to receive an email each time an article is published, or join our RSS feed. 100% FREE.

Want to write for China Daily Mail?

Read "Contributor Guidelines" above to join our team of 68 contributors. Write news or opinion about issues in China, or post photos and video. Promote your own site.

Recent Posts

China Daily Mail Stories Have Been Featured In:

%d bloggers like this: