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China pledges $60 billion development fund for Africa
Speaking at the summit for the Forum on China-Africa Cooperation (FOCAC) here, President Mugabe said Africa’s relations with China go deeper than that and the Asian country was actually doing more for the continent than its former colonisers.
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“He specifically lauded China for the vision behind the establishment of FOCAC as a platform for higher level Africa-China relationship”, Adesina said in the statement.
President Zuma said there was still hope for Africa, despite the global economic downturn.
South African President Jacob Zuma, co-chair along with Xi of the summit, said African countries needed Chinese help to process their abundant natural resources, which he said had made the continent vulnerable to exploitation in the past.
“These plans (are) aimed at addressing three issues holding back Africa’s development, namely inadequate infrastructure, lack of professional and skilled personnel and funding shortages”, said Xi, who this week also visited Zimbabwe.
The two countries have achieved fruitful results in all areas of practical cooperation, he said, adding that the Chinese side stands ready to translate the traditional friendship into driving forces for further cooperation.
China’s trade with Africa is largely import-driven, with the world’s second-largest economy buying oil mostly from Nigeria, Angola, Equatorial Guinea, Ghana, Cameroon, the Republic of Congo, Gabon, Uganda, South Sudan and Sudan, and feeding the demand for cheap Chinese products in these countries.
China had pumped more than $30 billion into Africa by the end of 2014, more than 60 times the sum in 2000.
Relations between African countries and China are entering a critical phase as both sides focus attention on areas that generate real benefits to citizens, Kenyatta said.
Trade and Industry Minister Rob Davies said Xi’s aid package was “pressing all the buttons which Africa wants pressed”.
China and Africa are always good friends, good partners and good brothers, he added.
“China and Africa share a common future…”
The trip will be welcome after the economic downturn forced China to slash investment in Africa by more than 40 percent earlier this year. “It is an extraordinary meeting and together we have made history”, said Xi through an interpreter.
“I’m hopeful that a number of deals signed today will strengthen our relationship but also boost our trade with China”, Finance Minister Nhlanhla Nene told Reuters on the sidelines of the talks in Pretoria.
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The problem was even worse for other African countries where their exports to China comprised nearly entirely of raw minerals. “Africa has in the region of 1.1 billion people and China has 1.3 billion people”.