Home Finance China defends projects in Africa after pledging another $60 billion in aid
Finance - News around Africa - Profiles - September 3, 2018

China defends projects in Africa after pledging another $60 billion in aid

  • China’s Xi offers $60 bn Africa aid, says ‘no strings attached’
  • China defends Africa projects
  • China’s President Xi pledges another $60 billion for Africa

China’s President Xi Jinping has defended the country’s investments in Africa, saying there are no political strings attached”, after pledging $60 billion in new development financing aimed at building infrastructure that would promote development on the continent. The massive scheme is aimed at improving Chinese access to foreign markets and resources, and boosting Beijing’s influence abroad.

President Xi who made the remarks ahead of the triennial China-Africa summit in the capital, Beijing said:

“China’s investment in Africa comes with no political strings attached,” Xi told a high-level dialogue with African leaders and business representatives ahead of the summit.

“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.”

“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,” he added.

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 added that Africa’s least developed, heavily indebted and poor countries will be exempt from debt they have incurred in the form of interest-free Chinese loans due to mature by the end of 2018.

South African President Cyril Ramaphosa defended China’s involvement on the continent, saying FOCAC “refutes the view that a new colonialism is taking hold in Africa as our detractors would have us believe.”

Nigerian President Muhammadu Buhari will oversee the signing of a telecommunication infrastructure deal backed by a $328-million loan facility from China’s Exim bank during his visit, his office said.

Nations across Africa are hoping that China’s enthusiasm for infrastructure investment will help promote industrialisation on the continent.

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