China will extend a total of 60 billion U.S. dollars of financing to Africa, Chinese President Xi Jinping announced Monday.
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 (FOCAC).
The financing includes $15 billion of grants, interest-free loans and concessional loans, $ 20 billion dollars of credit lines, the setting up of a $10-billion special fund for development financing and a 5-billion-U.S. dollars special fund for financing imports from Africa.
Chinese companies are also encouraged to make at least 10 billion U.S. dollars of investment in Africa in the next three years. China has honoured its 2015 promise to provide Africa with funding support totalling $ 60 billion, Xi said, adding that the financing has been either delivered or arranged.
China decided to provide the funding support at the FOCAC Johannesburg summit to ensure the successful implementation of ten China-Africa cooperation plans adopted at the summit.
Key eight projects
Xi also said China will implement eight major initiatives with African countries in the next three years and beyond, covering fields such as industrial promotion, infrastructure connectivity, trade facilitation, and green development.
On industrial promotion, Xi said a China-Africa economic and trade expo will be set up in China and Chinese companies are encouraged to increase investment in Africa.
China will carry out 50 agricultural assistance programs, provide emergency humanitarian food aid amounting to 1 billion yuan (147 million U.S. dollars) to African countries affected by natural disasters, and send 500 senior agricultural experts to Africa.
On infrastructure connectivity, Xi said China will work with the African Union to formulate a China-Africa infrastructure cooperation plan and support Chinese companies in taking part in Africa’s infrastructure development by way of investment-construction-operation or through other models.
On trade facilitation, Xi said China will increase imports, especially non-resource products, from Africa and support African countries in participating in China International Import Expo.
“The least developed African countries will be exempted from paying exhibition stand fees,” he said.
On green development, Xi said China will undertake 50 aid projects on green development, and ecological and environmental protection, with a focus on climate change, ocean, desertification prevention and control, and wildlife protection.
On capacity building, Xi said China will set up 10 Luban Workshops in Africa to offer vocational training for young Africans.
China will also train 1,000 high-caliber Africans, provide Africa with 50,000 government scholarships, sponsor seminar and workshop opportunities for 50,000 Africans, and invite 2,000 African youths to visit China for exchanges.
On health care, Xi said China will upgrade 50 medical and health aid programs for Africa, with a focus on flagship projects such as the headquarters of the African Centre for Disease Control and Prevention and China-Africa Friendship Hospitals.
On people-to-people exchanges, Xi said China will set up an institute of African studies and enhance exchanges with Africa on civilisation.
China welcomes Africa’s participation in the Silk Road International League of Theatres, the Silk Road International Museum Alliance and the Network of Silk Road Art Festivals.
On peace and security, Xi said China will set up a China-Africa peace and security fund and continue providing free military aid to the African Union. A total of 50 security assistance programs will be carried out in the fields including UN peacekeeping missions, fighting piracy, and combating terrorism.