China Earmarks $120bn for Africa
The 2018 Summit of the Forum on China-Africa Co-operation (FOCAC) was officially opened here yesterday, with Chinese President Xi Jinping pledging $60 billion in financing for Africa.
The money is expected to fully foster the China-Africa comprehensive strategic and cooperative partnership, bringing the total amount pledged to the continent by the Asian giant to $120 billion since 2015.
At the 2015 Johannesburg Summit, President Xi made a $60 billion pledge in loans to African countries.
“The financing will be provided in the form of government assistance as well as investment and financing by financial institutions and companies,” President Xi said in his keynote address.
The financing includes $15 billion of grants, interest-free loans and concessionary loans, $20 billion of credit lines, the setting up of a $10 billion special fund for development financing and a $5 billion special fund for financing imports from Africa.
Chinese companies were also encouraged to make at least $10 billion investments in Africa in the next three years.
The Chinese President announced eight major areas of collaboration in the coming years.
These include launching an industrial promotion initiative through the China Africa Economic Expo in Africa to build and upgrade economic trade zones and agricultural modernisation.
The money is expected to fully foster the China-Africa comprehensive strategic and cooperative partnership, bringing the total amount pledged to the continent by the Asian giant to $120 billion since 2015.
At the 2015 Johannesburg Summit, President Xi made a $60 billion pledge in loans to African countries.
“The financing will be provided in the form of government assistance as well as investment and financing by financial institutions and companies,” President Xi said in his keynote address.
The financing includes $15 billion of grants, interest-free loans and concessionary loans, $20 billion of credit lines, the setting up of a $10 billion special fund for development financing and a $5 billion special fund for financing imports from Africa.
Chinese companies were also encouraged to make at least $10 billion investments in Africa in the next three years.
The Chinese President announced eight major areas of collaboration in the coming years.
These include launching an industrial promotion initiative through the China Africa Economic Expo in Africa to build and upgrade economic trade zones and agricultural modernisation.
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