Chinese
President Xi Jinping has extend a total of $60 billion of financing to
Africa, and also warned the country’s firms to take jobs in Africa
seriously as
the fund for such projects were not for vanity.
President Xi Jinping has extend a total of $60 billion of financing to
Africa, and also warned the country’s firms to take jobs in Africa
seriously as
the fund for such projects were not for vanity.
The
financing will be provided in the form of government assistance as well
as investment and financing by financial institutions and companies, Xi
said in a
keynote speech at the opening ceremony of the 2018 Beijing Summit of
the Forum on China-Africa Cooperation.
financing will be provided in the form of government assistance as well
as investment and financing by financial institutions and companies, Xi
said in a
keynote speech at the opening ceremony of the 2018 Beijing Summit of
the Forum on China-Africa Cooperation.
He
also said that China will exempt certain African countries from
outstanding debts incurred in the form of interest-free Chinese
government loans due by the
end of 2018.
also said that China will exempt certain African countries from
outstanding debts incurred in the form of interest-free Chinese
government loans due by the
end of 2018.
The
exemption, he said, will be granted to Africa’s least developed
countries, heavily indebted and poor countries, landlocked and small
island developing countries
that have diplomatic relations with China.
exemption, he said, will be granted to Africa’s least developed
countries, heavily indebted and poor countries, landlocked and small
island developing countries
that have diplomatic relations with China.
Xi also said China will implement eight major initiatives with African countries in the next three years and beyond.
He
said the initiatives, cover fields such as industrial promotion,
infrastructure connectivity, trade facilitation, and green development.
said the initiatives, cover fields such as industrial promotion,
infrastructure connectivity, trade facilitation, and green development.
Xi
had told firms that the funds provided by the country are not for
“vanity projects” in Africa but are to build infrastructure that can
remove development
bottlenecks.
had told firms that the funds provided by the country are not for
“vanity projects” in Africa but are to build infrastructure that can
remove development
bottlenecks.
The President also advised the firms to respect local people and the environment where projects were being executed.
Xi
said at a business forum before the start of a triennial China Africa
summit their friendship was time-honoured and that China’s investment in
Africa came
with no political strings attached.
said at a business forum before the start of a triennial China Africa
summit their friendship was time-honoured and that China’s investment in
Africa came
with no political strings attached.
“China does not interfere in Africa’s internal affairs and does not impose its own will on Africa.
“What
we value is the sharing of development experience and the support we
can offer to Africa’s national rejuvenation and prosperity,” Xi said.
we value is the sharing of development experience and the support we
can offer to Africa’s national rejuvenation and prosperity,” Xi said.
“China’s
cooperation with Africa is clearly targeted at the major bottlenecks to
development. Resources for our cooperation are not to be spent on any
vanity
projects but in places where they count the most,” he said.
cooperation with Africa is clearly targeted at the major bottlenecks to
development. Resources for our cooperation are not to be spent on any
vanity
projects but in places where they count the most,” he said.
China
has denied engaging in “debt trap” diplomacy but Xi is likely to use
the gathering of African leaders to offer a new round of financing,
following a pledge
of $60 billion at the previous summit in South Africa three years ago.
has denied engaging in “debt trap” diplomacy but Xi is likely to use
the gathering of African leaders to offer a new round of financing,
following a pledge
of $60 billion at the previous summit in South Africa three years ago.
Chinese
officials have vowed to be more cautious to ensure projects are
sustainable. China defends continued lending to Africa on the grounds
that the continent
still needs debt-funded infrastructure development.
officials have vowed to be more cautious to ensure projects are
sustainable. China defends continued lending to Africa on the grounds
that the continent
still needs debt-funded infrastructure development.
Beijing
has also fended off criticism it is only interested in resource
extraction to feed its own booming economy, that the projects it funds
have poor environmental
safeguards, and that too many of the workers for them are flown in from
China rather than using African labour.
has also fended off criticism it is only interested in resource
extraction to feed its own booming economy, that the projects it funds
have poor environmental
safeguards, and that too many of the workers for them are flown in from
China rather than using African labour.
Xi
told business leaders Chinese firms in Africa had to be aware of their
social responsibilities and make sure their investments served the
community and improved
their wellbeing.
told business leaders Chinese firms in Africa had to be aware of their
social responsibilities and make sure their investments served the
community and improved
their wellbeing.
“I hope that our entrepreneurs will act to fulfil social responsibilities and respect local culture and tradition,” he said.
“I
also hope you will do more in staff training and bettering lives for
the local people and will put more emphasis on the environment and
resources,” Xi said.
also hope you will do more in staff training and bettering lives for
the local people and will put more emphasis on the environment and
resources,” Xi said.
Chinese
officials say this year’s summit will strengthen Africa’s role in Xi’s
Belt and Road initiative to link China by sea and land with Southeast
and Central
Asia, the Middle East, Europe and Africa through an infrastructure
network modelled on the old Silk Road.
officials say this year’s summit will strengthen Africa’s role in Xi’s
Belt and Road initiative to link China by sea and land with Southeast
and Central
Asia, the Middle East, Europe and Africa through an infrastructure
network modelled on the old Silk Road.
Xi
said the plan, for which Beijing has pledged $126 billion, would help
provide more resources and facilities for Africa and would expand shared
markets.
said the plan, for which Beijing has pledged $126 billion, would help
provide more resources and facilities for Africa and would expand shared
markets.
China
loaned around 125 billion dollars to the continent from 2000 to 2016,
data from the China-Africa Research Initiative at Washington’s Johns
Hopkins University
School of Advanced International Studies shows.
loaned around 125 billion dollars to the continent from 2000 to 2016,
data from the China-Africa Research Initiative at Washington’s Johns
Hopkins University
School of Advanced International Studies shows.
State
media has accused the West of sour grapes over China’s prominent role
in Africa and has angrily rejected claims of forcing African countries
into a debt
trap.
media has accused the West of sour grapes over China’s prominent role
in Africa and has angrily rejected claims of forcing African countries
into a debt
trap.
“In
terms of cooperation with China, African countries know best,” widely
read tabloid the Global Times wrote in an editorial on Monday.
terms of cooperation with China, African countries know best,” widely
read tabloid the Global Times wrote in an editorial on Monday.
“Western
media deliberately portray Africans in misery for collaborating with
China and they appear to have discovered big news by finding occasional
complaints
in the African media about Sino-Africa cooperation,” it said.
media deliberately portray Africans in misery for collaborating with
China and they appear to have discovered big news by finding occasional
complaints
in the African media about Sino-Africa cooperation,” it said.
Every
African country is represented at the business forum apart from
eSwatini, self-ruled Taiwan’s last African ally that has so far rejected
China’s overtures
to ditch Taipei and recognise Beijing.
African country is represented at the business forum apart from
eSwatini, self-ruled Taiwan’s last African ally that has so far rejected
China’s overtures
to ditch Taipei and recognise Beijing.
African
presidents in attendance include Nigeria’s Muhammadu Buharu, South
Africa’s Cyril Ramaphosa, Egypt’s Abdel Fattah al-Sisi, Zambia’s Edgar
Lungu and Gabon’s
Ali Bongo.
presidents in attendance include Nigeria’s Muhammadu Buharu, South
Africa’s Cyril Ramaphosa, Egypt’s Abdel Fattah al-Sisi, Zambia’s Edgar
Lungu and Gabon’s
Ali Bongo.
There are some controversial guests.
Sudan
President Omar al-Bashir, who has been in power for nearly 30 years, is
wanted by the International Criminal Court for war crimes over killings
and persecution
in Sudan’s Darfur province between 2003 and 2008.
President Omar al-Bashir, who has been in power for nearly 30 years, is
wanted by the International Criminal Court for war crimes over killings
and persecution
in Sudan’s Darfur province between 2003 and 2008.
Xi told him on Sunday that “foreign forces” should not interfere in Sudan’s internal affairs, China’s Foreign Ministry said.
