China Pledges $60 Billion to Aid Africa’s Development

China’s broader trade relationship with Africa has grown even more rapidly, to $222 billion last year, a record that made China the continent’s top trade partner for the sixth straight year.

Chinese President Xi Jinping on Friday announced $60 billion in “funding support” for development in the African continent.

“China will implement ten cooperation plans with Africa in the next three years”, Xi said, adding that the $60 billion was targeted toward ensuring that the plans are successfully implemented.

President Xi said consolidation of relations with Zimbabwe and other African nations remained a cornerstone of China’s foreign policy. China, he stated, “now has the technology, equipment, professional and skilled personnel and capital needed to assist Africa accomplish sustainable self-development”.

The Chinese president pointed out that the Chinese and African people have similar historical experiences and share a common aspiration for development as he stressed that both sides have shared responsibility to maintain and strengthen the time-honored friendship.

President Xi said two countries, President Xi said, should pursue equality, mutual benefit and win-win cooperation.

South Africa’s state-owned companies such as Eskom, Transnet, the Industrial Development Cooperation (IDC) and the South African Nuclear Corporation also had their own share of agreements.

On Saturday, the Organisation of African First Ladies Against HIV/AIDS will hold its session followed by the closing ceremony of the summit.

China would help build and operate railways, roads, airports, ports, electrical power plants and telecommunication systems on the continent, which a key supplier of commodities, Xi said.

According to reports, over the past 15 years, the trade volume between China and Africa has soared from $10 billion to $220 billion.

But on Wednesday, Gigaba said the Ebola virus in Africa was partly to blame for the drop numbers of Chinese tourists visiting South Africa rather than visa requirements. “This partnership can only yield further positive results for Africa’s development”, Mr Zuma said.

“If Africa because of low mineral prices and unreliable host governments becomes unappealing, there are other places for these funds to be diverted to”, Mr. Xue said.

The big package announced by Chinese President Xi Jinping 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.