Chinese president announces $60 billion funding for African development projects

China is willing to work with African nations to improve partnership and boost bilateral cooperation for the benefit of both peoples, President Xi Jinping said on Thursday, Dec. 3, during the welcome banquet for leaders who participated in the second summit of the 15-year-old Forum on China-Africa Cooperation (FOCAC).

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.

Mugabe said Africa’s relationship with China had stood the test of time and was destined to continue flourishing for some time to come, injecting new vitality into Africa.

Xi 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.

But with promises to help Africa industrialise, Mr Xi said China was committed to collaboration. Themed “Africa-China Progressing Together: Win-Win Cooperation for Common Development”, the summit is scheduled to conclude Saturday with the release of a declaration and an action plan.

China – by far Africa’s single largest trading partner – has been an important source of funding to the continent in recent years, particularly for infrastructure projects.

In 2006, the Chinese government proposed a new type of China-Africa strategic partnership featuring political equality and mutual trust, economic win-win cooperation, and cultural exchange.

To illustrate his point, Shinyekwa mentioned a case of China-Africa production capacity cooperation-a leather factory in Ethiopia.

Chinese President Xi Jinping and at least 50 African heads of State have arrived in Johannesburg for the China -Africa Corporation (Focac) summit scheduled for Johannesburg.

China’s demand for Africa’s resources such as oil, iron ore and copper over the past decade has been a crucial driver of the continent’s growth.

“Tragically, we are… witnessing increasing incidents of terrorism in parts of our continent, France and elsewhere”, he said.

“Here is a man representing our continent; what he is doing for us is what the people that colonized us yesterday should have done”.

China’s presence in Africa “is focused on our needs and not on what they can get from us”, Kenyatta said.

Managing director of Emerging Markets & Africa, Martyn Davies, said Chinese policy banks have been the single largest lenders to African states. The forum was established in 2000 to deepen co-operation on economic and social issues.