The money will be channelled to projects aligned to the Chinese government’s Belt and Road Initiative covering telecommunications, construction of roads, bridges and sea ports, energy, and human capacity development.
With the President of China, H.E. Xi Jinping, during the 2018 summit of the Forum on China-Africa Cooperation which kicked off today. China unveiled a $60 billion kitty for Africa’s development as part of new measures to strengthen Sino-Africa ties https://t.co/6c4TKpWqFp pic.twitter.com/DJCLrzKXoU
— Uhuru Kenyatta (@UKenyatta) September 3, 2018
The funding is broken down into several parts with $15 billion being categorised as government grants, $15 billion as interest free loans and 20 billion dollars of credit lines and USD 5 billion for financing imports from Africa. The summit kicked off with a further call by President Jinping for greater representation of the developing world in global governance.
He also challenged Chinese private companies to directly invest upwards of $10 billion in Africa in the next 3 years. The Chinese President, who addressed Africa’s leaders including President Uhuru Kenyatta who gathered at the Great Hall of the People, said China is proud of its partnership with Africa; adding that he is ready to inject more impetus into efforts to alleviate poverty, create employment and better the lives and wellbeing of the people of Africa.
Using a Chinese proverb, “the ocean is vast because it rejects no river”, President Jinping said China will spearhead the upholding of open economies that promote the prosperity of all people. He said that global governance needs to be reformed to give a voice to the majority of the world which is the developing world including all African countries. “China and Africa can forge a stronger comprehensive and strategic partnership.
Arrived in Beijing, China??, to attend the China-Africa Forum for Cooperation (FOCAC) 2018 Summit bringing together all African nations and China aimed at boosting the continent’s development. #ChinaAfrica #FOCAC2018 | https://t.co/GD06DzmfNR pic.twitter.com/mRYiu2Lfhm
— Uhuru Kenyatta (@UKenyatta) September 1, 2018
China promises to engage with Africa on a principle of sincerity and real results,” said President Xi Jinping. “China’s 1.3 billion people and Africa’s 1.2 billion want a shared future,” said the Chinese leader as he promised that no obstacle will be allowed to hold back the ‘joint march’.
FOCAC, which was started 18 years ago, aims to build a closer China-Africa community with a shared future. China-Africa trade volume amounted to 170 billion U.S. dollars in 2017, up from just over 10 billion dollars in 2000, according to data from China’s Ministry of Commerce.
Earlier in the morning, the Chinese President delivered a keynote address at a high-level meeting between Chinese and African business leaders and entrepreneurs. The Sixth Conference of Chinese and African Enterpreneurs officially opened by President Xi Jinping was attended by Presidents’ Uhuru Kenyatta (Kenya), Cyril Ramaphosa (South Africa), Idris Deby(Chad), Omar Guelleh (Djibouti), Mohamed Abdel Aziz (Mauritania), Muhamadu Buhari (Nigeria) and Paul Kagame (Rwanda) among others
President Kenyatta is accompanied to the FOCAC Summit by First Lady Margaret Kenyatta and Cabinet Secretaries Monica Juma (Foreign Affairs), James Macharia (Infrastructure), Peter Munya (Trade), and Henry Rotich (Treasury) among other senior government officials.