China To Provide $60 Billion To Fund Development In Africa

President Lungu said China was once a poor country which has now evolved to become one of the world’s economic giants.

“We have always supported each other in trying times”, President Xi said, adding that the two sides have always treated each other as equals who promote win-win progress and common development. “Some countries raised this at bilateral meetings”.

Xi said China’s aid would be directed at solving the three main bottlenecks which Africa faced – the lack of infrastructure, skilled workers and capital.

“The cooperation with China will enable us to implement the three networks project which include highways, railways and aviation”, Zuma said.

Xhanti Payi, a Johannesburg-based economist, told Al Jazeera that Africa needed $90bn a year to meet its infrastructure development needs.

Other officials said South Africa also welcomed Xi’s promise that China’s investments in Africa would not be at the expense of the ecosystem. China’s Ministry of Commerce said in November that Chinese investment in Africa dropped 40 per cent in the first six months of this year.

Prime Minister Sherif Ismail held a meeting with Chinese President Xi Jinping on the sidelines of the Chinese-African cooperation forum in Johannesburg on Friday 4/12/2015, the Cabinet said.

“President Xi Jinping’s speech was great in the sense that it identified areas where Africa is interested in and which are on our agenda 2063”.

Zimbabwean autocrat Robert Mugabe was among the leaders at the summit who heaped praise on Mr. Xi, calling him a “God-sent person” and a welcome change from Western “colonizers”.

He said China was committed to the principles of win-win situation that would promote growth and development of both parties.

China’s broader trade relationship with Africa has grown even more rapidly, to $US222bn last year-a record that made China the continent’s top trade partner for the sixth straight year.

China’s approach to winning friends around the world has always been characterised as cheque-book diplomacy, with big events overseas invariably accompanied by top-dollar deals.

Analysts said China would be looking to garner political support for its policies, bolster relations with mineral-rich states and seek assurances over the threat posed by global militant groups.

China is set to expand investments in Africa that would help absorb its excess manufacturing capacity as part of an effort to re-engage with the continent and integrate it within its Belt and Road connectivity framework.

China would cancel existing debts with zero interest loans for least developed countries that mature by end 2015, he said.

But critics of this structure say that it allows those cash flows to come into Africa unregulated and allowing unelected leaders to maintain power.

The business forum was attended by about 400 business people from Africa and China, whose representatives gave reports emanating from the outcomes of the forum.