China will encourage its businesses to invest no less than $10 billion dollars in Africa over the next three years, according to Chinese President Xi Jinping.Delivering the keynote address at the Eighth Ministerial Conference of The Forum on China-Africa Cooperation (FOCAC), Jinping said it would also establish a platform for China-Africa private investment promotion. “China will undertake 10 industrialisation and employment promotion projects for Africa, provide credit facilities of $10 billion to African financial institutions, support the development of African SMEs on a priority basis, and establish a China-Africa cross-border RMB centre,” he said. “China will exempt African LDCs from debt incurred in the form of interest-free Chinese government loans due by the end of 2021. China is ready to channel to African countries $10 billion from its share of the IMF’s new allocation of Special Drawing Rights.”The meeting, which took place in Senegal, was addressed by Jinping via videolink and marked the 65th anniversary of the start of diplomatic relations between China and African countries. “Over the past 65 years, China and Africa have forged unbreakable fraternity in our struggle against imperialism and colonialism, and embarked on a distinct path of cooperation in our journey toward development and revitalisation. To g e t h e r, w e have written a splendid chapter of mutual assistance amidst complex changes, and set a shining example for building a new type of international relations,” said Jinping.Calling for a deepening practical cooperation between China and the continent, he said new prospects for China-Africa cooperation, expanded trade, and investment were required.At the event, which took place amidst significant economic and social challenges on the continent, fuelled by the pandemic and climate change, Jinping committed China to helping the African Union achieve its goal of vaccinating 60% of the African population by 2022.“China will provide another one billion doses of vaccines to Africa, including 600 million doses as a donation and 400 million doses to be provided through such means as joint production by Chinese companies and relevant African countries. In addition, China will undertake 10 medical and health projects for African countries, and send 1500 medical personnel and public health experts to Africa,” he said.He also committed the Far East giant to poverty reduction and agricultural development programmes, saying a total of 10 projects would be supported by China. This included sending 500 agricultural experts to Africa. Jinping highlighted the importance of growing trade between Africa and China, saying a trade promotion programme was imperative. “China will open ‘green lanes’ for African agricultural exports to China, speed up the inspection and quarantine procedures, and further increase the scope of products enjoying zero-tariff treatment for the least developed countries (LDCs) having diplomatic relations with China, in a bid to reach $300 billion in total imports from Africa in the next three years.”It would also provide $10 billion of trade finance to support African exports, and build a pioneering zone in China for in-depth China-Africa trade and economic cooperation as well as a China-Africa industrial park for Belt and Road cooperation.“China will undertake 10 connectivity projects for Africa, form an expert group on economic cooperation with the secretariat of the African Continental Free Trade Area (AfCFTA), and give continued support to the development of the A fCF TA .”
