China pledges $60 billion for Africa’s development

Speaking at bilateral talks with President Xi Jinping at the Forum of China-Africa Cooperation, Buhari said the Federal Government will strive to fulfil Nigeria’s obligations under the agreements as their implementation will help to boost the country’s economy and generate thousands of new jobs.

“China will train 200,000 technicians and invite others to study in China” he said.

Regarding the $60-billion (R864-billion) of assistance and loans for Africa announced by Xi earlier on Friday morning when he addressed the FOCAC summit, Zhong said he was not in a position to share finer details.

The big package covers the areas of industrialization, agricultural modernization, infrastructure, financial services, green development, trade and investment facilitation, poverty reduction and public welfare, public health, people-to-people exchanges, and peace and security.

Wildlife protection will be among the major topics to be discussed at the Forum on China Africa Cooperation (FOCAC) summit to be held in Johannesburg from 4th to 5th December.

On infrastructure, President Xi said his Government will step up mutual beneficial cooperation with Africa in infrastructure planning, designing, construction, operation and maintenance.

She said the theme of the summit “wining together” was apt “as it was based on historical ties between Africa and China”.

Xi also said China would not interfere in African countries’ internal affairs, a stance that drew strong applause from leaders such as Zimbabwe’s Robert Mugabe who have faced strong Western criticism of their human rights record.

Since then, China’s trade with Africa has overtaken that of the traditional partners, Europe and the United States. “But he is doing to us what we expected our colonizers to do”, Mugabe said amidst loud cheers from the audience.

Analysts say that Chinese companies could find further opportunities in Africa’s North-South Corridor, which stretches from Durban in South Africa to Dar es Salaam in Tanzania.

“It really explains what our relationship is between China and Africa”, said Zuma. Even in China, there are business people who are taken hostage, hijacked and eventually killed, but we still need to do business as usual.

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.

Erastus Mwencha, Vice-Chairman of the African Union Commission (AUC) said that President Xi delivered a speech that was rich in substance and practicality.