China pledges $60 billion development fund for Africa

The president disclosed this at the Forum of China-Africa Cooperation Summit (FOCAC) in Jo’burg. “It is time African countries took advantage of the numerous opportunities that China has presented to the continent to develop itself”, he said.

He stressed his country’s continued support for Egypt’s stability and development efforts.

The chairman said that FOCAC had contributed to the development of the continent and created regional ties and integration, adding that he had no doubt that with China’s support, the continent would witness great achievements.

The FOCAC Partnership surely appreciates the complementarities that can be harnessed between Africa and China in this regard. Beijing has successively upgraded the bilateral relations to comprehensive strategic cooperative partnership with several major African countries, such as South Africa, Nigeria and Egypt.

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.

President Xi Jinping made the announcement to rousing applause from an audience that included South Africa’s President Jacob Zuma, Nigerian President Muhammadu Buhari, Kenyan President Uhuru Kenyatta and African Union Commission Chairwoman Nkosazana Dlamini-Zuma.

In the battle against the grave threat, China provided Guinea and other affected African countries with enormous assistance, which has once again testified to the close friendship between China and Africa and demonstrated the principles of sincerity, real results, affinity and good faith in China’s Africa policy.

In the next ten years; both China and Africa aspire to reach new milestones.

“China is still very active in Africa”, Deborah Brautigan, of the US-based China Africa Research Institute, told AFP.

Despite a major slowdown at home, which has seen Chinese demand for African exports plummet – a vital source of foreign exchange earnings for the continent – the main message is that despite economic challenges, China’s commitment to Africa is long term.

In the group meeting on Friday morning, Xi told 13 African leaders that strengthening solidarity between China and Africa and upgrading development cooperation serve the common interest of both sides.

Later on Friday, Xi joined leaders from across Africa at a business conference and put forth a five-pronged proposal on further deepening win-win cooperation between the world’s second-largest economy and the fast developing continent. He spoke candidly on issues that are dear to us African people.

“It is also concluded an Avoidance of Double Taxation and Prevention of Fiscal Evasion Agreement between Zimbabwe and China”. The People’s Republic of China has proven to possess the competitive edge and workmanship capable of partnering with Africa to advance the cause of peace, prosperity and mutual benefits.

“We welcome China’s support for our determination to transform our countries’ economies, through an industrialisation strategy which is driven by beneficiation and value addition of our natural resources and agricultural products”, said President Mugabe.