China pledges to give Africa $51bn in fresh funding over next three years
World
China pledges to give Africa $51bn in fresh funding over next three years
(AFP) - Xi told delegates from more than 50 African nations on Thursday that China would carry out 30 infrastructure projects across the resource-rich continent, and offer 360 billion yuan ($50.7 billion) in financial assistance.
"China is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade and investment," Xi told delegates at a major China-Africa summit in Beijing.
He called for "a China-Africa network featuring land-sea links and co-ordinated development," telling Chinese contractors to return to the 1-billion-strong continent, after the lifting of Covid-19 curbs that disrupted its schemes.
China is Africa's biggest foreign investor and last year it approved loans worth $4.61 billion to Africa, in the first annual increase since 2016.
Xi said 210 billion yuan of the financing pledge would be disbursed through credit lines and at least 70 billion in fresh investment by Chinese companies, with smaller amounts provided through military aid and other projects.
No promise to buy African goods
The Forum on China-Africa Cooperation Summit, held this year in the Chinese capital, chalks out a three-year programme for China and every African state bar Eswatini, which retains ties to Taiwan.
Besides 30 infrastructure connectivity projects, Xi added, "China is ready to launch 30 clean energy projects in Africa," offering to co-operate on nuclear technology and tackle a power deficit that has delayed industrialisation efforts.
But the Chinese leader did not reiterate his pledge at the 2021 forum in Dakar for the Asian giant to buy $300 billion worth of African goods, pledging only to unilaterally expand market access.
Analysts say Beijing's agricultural health and safety rules for market access are too strict, making China unable to meet that promise.
