China-Africa Summit: China pledges $60 billion to aid development in Africa

Chinese President Xi Jinping has pledged $60 billion to development in Africa, as part of what Chinese and African leaders have called a “win-win cooperation”.

At the opening ceremony of the Johannesburg summit, the second of its kind under the 15-year-old framework of the FOCAC, Xi proposed that China and Africa lift their relationship to a comprehensive strategic cooperative partnership and join hands to open a new era of win-win cooperation and common development.

The two new routes will not only promote the traditional friendship between China and Africa, meeting the ever increasing market demand for air travel, but also reflect Air China’s response to the Chinese government’s “One Belt, One Road” initiative.

Fresh from signing 26 trade deals worth R94 billion with China, president Jacob Zuma has praised the country’s contribution to peacekeeping in Africa, and the world.

China and African countries have already cooperated in various sectors, including trade, security, health, agriculture, technology transfer, and people-to-people exchanges, according to Wang.

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

Following the state visit activities in South Africa’s executive capital Pretoria, Xi and his high-ranking delegation arrived in Johannesburg Thursday morning for a widely-watched three-day stay.

By the end of 2014, the total stock of Chinese investment in Africa had reached 101 billion USA dollars, resulting in more than 3,100 Africa-based enterprises.

The $60 billion pledge is three times as much as the package promised at the last China Africa cooperation summit in 2012, said economist Aubrey Hruby.

On Friday the summit exhibited photos showing FOCAC achievements and also held a China-Africa manufacturing exhibition.

“These plans are aimed at addressing three issues holding back Africa’s development, namely inadequate infrastructure, lack of professional and skilled personnel, and funding shortage”, he said.

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

At the continental level, President Kenyatta said Kenya cherishes the milestones made in the history of China-Africa relations through the Forum on China Africa Cooperation (FOCAC), which has grown in strength over the past few years.