China announces $60 billion ‘funding support’ for Africa

While identifying with the laudable objectives of FOCAC in cultivating, fostering and deepening political, economic, technological, social and other forms of relations between China and Africa, President Buhari, according to a release by Femi Adesina, Special Adviser to the President (Media & Publicity), praised China for the vision behind the establishment of FOCAC as a platform for higher level Africa-China relationship. China has become Africa’s biggest trading partner, with about $220-million in trade last year, but its African trade has slumped by 18 per cent in the first nine months of this year.

Typically, Chinese government entities and companies finance and build infrastructure in exchange for African repayments and/or concessions of commodities or land.
 
The support package includes $5 billion of interest-free loans and $35 billion in preferential financing, export credit lines and concessional loans, Mr. Xi said in his opening address to the gathering at the Sandton Convention Centre in South Africa’s commercial capital.
 
Another advantage, he said, was the fact that China and African countries share the advantage of having largely youthful populations which translates into enormous potential, both as markets and as producers as well.
 
Commenting on Xi’s plans, Standard Bank China analyst Jeremy Stevens said: “I think it’s significant in the sense that it confirms China’s longstanding agenda on the continent … despite the economic difficulties (in China)”.
 
The signs were encouraging he said, pointing out that included in the package of projects which South Africa and China had signed on Wednesday on Xi’s state visit was a deal between the Industrial Development Corporation (IDC) and the BAIC (Beijing Automotive Industry Holding Corporation) for a R12 billion investment, the largest single investment in the South African automotive sector.
 
“We are thus committed to strengthening the strategic partnership of political equality and mutual trust, economic win-win cooperation and cultural exchanges”.
 
“This partnership can only yield further positive results for Africa’s development”, he said. China is providing support to help lift Africa out of poverty and boost trade and doesn’t seek to interfere in nations’ internal affairs, he said.
 
Four Chinese state-run news agency staff have been suspended for a typographical error suggesting President Xi Jinping had resigned, reports said today.
 
President Zuma paid tribute to President Xi for the new measures and also acknowledged, “the tangible contribution of the People’s Republic of China’s with regard to peacekeeping in Africa”.
 
Moreover, Xi said China stands ready to strengthen cooperation with Africa in global and regional affairs, so as to defend the rights and common interests of developing countries.
 
“I couldn’t agree more with this statement and I am convinced that African countries and people are embracing a new era that is truly theirs”.
 
Fifty African countries and China wrapped up a landmark summit on Saturday vowing to push for homegrown solutions to solve Africa’s peace and security woes.
 
Source : http://nanonews.org/

Posted on : 25 Nov,2024 | News Source : ABNews

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