China Offers African Nations $60 Billion in Development with 'No Strings Attached'

China Offers African Nations $60 Billion in Development with 'No Strings Attached'

China will extend a total of $60 billion of financing to Africa, Chinese President Xi Jinping announced Monday.

British Prime Minister Theresa May visited South Africa, Nigeria and Kenya on her three-day Africa tour and announced £4 billion ($5.1 billion) of extra British support for African economies in order to overtake the U.S.to become the continent's biggest investor by 2022.

"As it is, nearly all African countries have loans or grants from China, so it would make economic sense to repay in yuan", said MEFMI spokesperson Gladys Siwela-Jadagu.

Though the loans are due by the end of the year, the amount owed by indebted countries and developing nations across the continent will be written off, Xi said.

Another pledge that Beijing has fulfilled from its 2015 summit is expanding the renminbi settlement and currency swap operations with African countries, a pledge under its financial plan.

Nevertheless, he received a warm greeting from Xi, who told him he "welcomes Sudan's participation in the Belt and Road" and "opposes foreign interference in Sudan's internal affairs", Xinhua reported Sunday.

Ghana and a dozen others signed agreements before the start of the summit for China to build more roads, develop the aviation sector, improve healthcare delivery and many more projects in their countries.

The cooperation between China and Africa was "a forward looking partnership" not concerned only with the current - but also the future - challenges, he said.

President Buhari also, on behalf of ECOWAS member states, appreciated the Chinese government for its increasing investment in the African sub-region with the aim of building a prosperous and shared future.

"Africa is not a zero-sum game", Kagame said. China's exports to Africa grew by 2.7 per cent to $94.74 billion, while its imports rose by 32.8 per cent to $75.26 billion.




South African President Cyril Ramaphosa said the meeting in Beijing "refutes the view that a new colonialism is taking hold in Africa, as our detractors would have us believe".

He further disclosed that China will also get involved in governance and stay committed to the vision of consultation, cooperation and benefit for all in the global governance adding that his country reaffirms its commitment to peace, security, stability and development.

"It is through platforms like [this forum] that we should work to balance the structure of trade between Africa and China", Ramaphosa said. "Rather it is about greater openness, sharing and mutual benefit".

Ramaphosa's comprehensive speech, coming after his summit co-chairperson and Chinese President Xi Jinping committed an additional $60 billion investment to Africa over the next three years, appeared to hit the right notes.

He said that his country would support Africa's goal to achieve general food security by 2030, and work together to implement cooperation on agricultural modernisation programme. A total of 50 security help programmes would be implemented, ranging from United Nations peacekeeping missions to fighting piracy, he said.

China, he said, would set up a peace and security fund in partnership with Africa. A trade facilitation initiative to increase imports from Africa was also on the cards including 50,000 government scholarship and 50,000 training opportunities for seminars and workshops. "In West Africa, there has already been state-led efforts to boost soybean production".

"The rapid growth in Sino-African trade made China Africa's largest trading partner, he said".

However, President Buhari and other leaders of African countries, including Chairperson of the African Union (AU) Commission, Moussa Faki, led delegations to the summit, and Secretary General of the United Nations (UN), Antonio Guterres, as a special guest, while 27 global and African organizations are present as observers.

"Another perspective.is that those criticising China on debt give too little", said Kagame in an interview with the official Xinhua news agency.

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