Chinese leaders have decided to raise the level of business in Africa to a higher level, promising to invest hundreds of billions of CFA francs in the next three years.
Africa has reaped a great harvest at the ninth edition of the ongoing Forum on China-Africa Cooperation (FOCAC) after Beijing decided to raise its partnership with the continent to a new level by announcing a financing programme of 360 billion yuan ($50.7 billion) or 29,963 billion CFA francs.
“To implement the ten partnership actions, the Chinese government will provide financial support of 360 billion RMB yuan over the next three years,” Chinese President Xi Jinping said on Thursday.
This package “is broken down into 210 billion RMB yuan in the form of credit lines, 80 billion RMB yuan in aid in various forms and at least 70 billion RMB yuan of investments in Africa by Chinese companies,” explained the Chinese president in remarks relayed by his Vice-Minister of Foreign Affairs, Hua Chunying.
In addition to being the second largest economy in the world, China is Africa’s leading trading partner, with bilateral trade reaching $167.8 billion in the first half of 2024, according to Chinese official media.
Over the past two decades, the Asian giant has sent hundreds of thousands of workers and engineers to the continent for the realization of major infrastructure projects, obtaining in return privileged access to African natural resources.
In the future, Beijing has committed to further opening its market to African countries, paying particular attention to the least developed countries, which will benefit from “zero-tariff treatment for 100 percent of tariff lines.”
China’s short-term plans for Africa also include connectivity infrastructure, health, agriculture, rural development, as well as education and culture, not to mention the security aspect, as the continent faces several threats including jihadist terrorism which is plaguing several countries in the Sahel.
“China is ready to train 6,000 African soldiers, as well as 1,000 African police and law enforcement officers, and to invite 500 young African military officers to visit China. The two sides will organize joint military exercises, training and patrols, and launch an “action for a mine-free Africa,” Chunying insisted.
ODL/Sf/ac/fss/jn/APA