China to invest over 60bn in Africa over 3 years

S Buhari arrives Beijing for China Africa summit

China will carry out 50 projects on green development and environmental protection in Africa, focusing on fighting climate change, desertification and wildlife protection, Xi said.

In recent years, China-Africa people-to-people exchanges have grown, but still lag behind economic and trade cooperation, said Liu Hongwu, director of the Institute of African Studies at China's Zhejiang Normal University.

It said most of the agreements were aligned to commitments made during the FOCAC summit held in Johannesburg in December 2015.

China will also expand its imports from Africa, especially for non-resources products, and will facilitate African financial institutions' bond issuances in China, Xi added.

At the Johannesburg summit, Xi announced Dollars 60 billion in funding support for infrastructure development in Africa.

Later, at the start of the Forum on China-Africa Cooperation (FOCAC), Xi announced $60 billion in funds for eight initiatives over the next three years, in areas ranging from industrial promotion, infrastructure construction and scholarships for young Africans. He thanked China for its massive support.

"Much of what is exported from Africa is raw materials and primary product".

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The summit aims to build closer China-Africa ties further dovetailing China's BRI with African development, and set a new path for a higher level of China-Africa cooperation, state-run Xinhua news agency reported.

China does not attach any political strings to its investment in Africa under the Belt and Road Initiative, nor does it interfere in African countries' internal affairs or impose its demands on others, he noted. That is why we think that the key enablers, which are the infrastructure, are the fundamentals.

Also, Minister of Industry, Trade and Investment Okechukwu Enelamah, Minister of Budget and National Planning Udoma Udo Udoma, Minister of Water Resource Suleiman Adamu, Minister of State, Petroleum Resources Ibe Kachikwu and Minister of State, Aviation Hadi Sirika, are in China for the summit. A large number of Africa's priority Focac projects have either been completed or are under way.

Data shows that China-Africa trade amounted to $170 billion in 2017, a 14.1 per cent increase upon the 2016 figures. "Our growing relationships with China do not come at anyone's expense".

"It will encourage the development of Africa's infrastructure, a critical requirement for meaningful regional and continental integration". "Is China unfairly exploiting Africa like the others before it?" Africa is committed to utilising this partnership to the fullest in terms of market access and business opportunities.

He also voiced hope that Chinese and African companies could find new ways to cooperate in the field of technology.

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