China pledges $60bn for Africa’s development

According to the agreement, China Development Bank will finance the construction of the facility in South Africa. These include renewed commitment to political equality and mutual trust.

“Forum on China-Africa Cooperation” Theme Flight Takes to the Sky.cf_arrowtail{ visibility:hidden; } Air China Logo ×.

China has committed to providing Africa with $60 billion in development aid and loans in the next three years, President Xi Jinping said Friday at the opening of the Forum on China-Africa Cooperation (FOCAC) here.

With more than three decades of fast growth, China now has rich experience, mature technology, cost-effective equipment and sufficient capital in the field of industrialization, he said.

THE global commodities price slump and general economic slowdown have not affected the volume of Chinese commodity imports from Africa, the Chinese government’s special representative on African Affairs, Zhong Jianhua, said on Friday. “Development holds the key to solving problems”.

But President Xi Jinping’s ongoing visit to Africa seems to point to a shift, with China more concerned about politics than pure economics.

China-Africa relations are dated back to 1960s and 1970s, when the two sides forged profound friendship in the fight for national independence and liberation. China has developed enormous overcapacity in these areas, as domestic demand has dropped drastically on account of the slowdown in the real estate sector, and exports have slid because of a tepid worldwide market.

South Africa’s President Jacob Zuma, who is joint host at the summit, welcomed Africa and China’s deepening partnership.

But as China now seeks out closer friends and diplomatic allies on the world stage in a push to assert itself as a major power, its focus is expected to shift away from pure economics and viewing the continent as a reliable source of energy and raw materials. The two-day summit starts on December 4. “That is what President Lungu has been pushing for”, Mr Mwamba said.

He said China will also offer $6 million to the African Union’s stand-by force to ensure the implementation of peace and security on the continent.

“We also have the numbers”.

“My country has lost many of its elephants in the last few years due to poaching, and we must all find ways to work together to stop the killing and safeguard our wild lands”, Ali Kiba remarked. In 2014, the Ebola epidemic outbreak in West Africa reminded us that Africa can no longer wait to get a better health system. There was also a high-level business engagement with heads of state and government.

Mr. Wang said over 3,000 Chinese companies were operating in Africa with Chinese investment on the continent growing much faster than trade with Africa. “It is for this reason that we want to prioritise beneficiation and value-addition”.

“That way what is buried in the belly of the soil will translate into benefit for the bellies of our citizens”, Zuma said.

The statement was made by the Chinese leader in Johannesburg in an important peak between China and Africa.