China pledges $60bn for development in Africa

China pledges $60bn for development in Africa

via China pledges $60bn for development in Africa –NewZimbabwe 04/12/2015

CHINA’s President Xi Jinping told African presidents on Friday at a summit that his country would provide $60 billion over three years to fund development on the continent.

Xi, who is co-chairing the Forum on China-Africa Cooperation where several African heads of state were attending, outlined a broad ten-point development plan driven by the Asian economic giant, saying he wanted to build a relationship of equals.

“To ensure the successful implementation of these ten cooperation plans, China decides to provide a total of $60 billion of funding support,” Xi told the summit.

Despite its own slowing economy, Xi said China would step up investment in factories manufacturing goods for export in Africa, in addition to building roads, ports and railways on a continent long seen as a major commodities source for China.

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

China will strengthen its cooperation with Africa in the fight against violent extremism and would not interfere with the political choices of countries in the continent, Xi said.

“China will implement ten cooperation plans with Africa in the next three years,” Xi said. “These plans (are) aimed at addressing three issues holding back Africa’s development, namely inadequate infrastructure, lack of professional and skilled personnel and funding shortage.”

Africans broadly see China as a healthy counterbalance to Western influence though Western governments charge China of turning a blind eye to conflicts and rights abuses on the continent as they pursue trade and aid policies there.

 

COMMENTS

WORDPRESS: 4
  • comment-avatar
    Farai ing 3 years ago

    Dear Editor
    It’s true that us Africans see the Zhingshongs as an alternative to the West, but the real questions here is what is the cost? We have already mortgaged our resources to the Chinese!!!!!!!!!!

  • comment-avatar

    Wellcome to Africa, Prs. Xi.

  • comment-avatar
    Gwindingwi 3 years ago

    Seems a big figure 60billion, but divide by 54 countries, its just average of 1billion per country. Zim with its peanuts economy does not even qualify for 100million. It’s all going to Nigeria and South Africa with Kenya, Egypt and Angola sharing the left overs

    Africa, wake up! Create your own wealth and stop standing by the intersection with your begging bowl. We ask the Chinese to build a military training centre and a parliament building…and call that astute planning! STUPID!

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    chritos 3 years ago

    ummm! Thats a great deal. Plus for us (Zimbabweans),we are hoping to experience the fruiting of some other agreements that China signed with us seperately.Maybe our time is at hand now.