Xi said that China would “provide a total of $60bn of funding support that includes $5bn of grants in zero interest loans (and) $35bn in preferential facility and export credit loans and concessional loans”.
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He said it is time for Africa to strategise on what measures to develop itself and its people and help build on home-grown initiatives.
President Buhari said he was confident that China would always stand shoulder to shoulder with his administration in its quest to fulfill the aspirations of Nigerians to propel them to prosperity.
Thursday’s meetings also touched upon disease control and prevention in African nations, including Guinea, one of the worst-hit countries in the worst Ebola outbreak in history, which has taken more than 11,000 lives across West Africa.
The industrialization agenda, he continued, is what Africa requires now in order to foster economic growth and lift hundreds of people out of poverty.
China’s President Xi Jinping speaks during a Forum on China-Africa Cooperation in Sandton, Johannesburg, December 4, 2015.
The Chinese leader didn’t specify which of Africa’s more than 50 countries would receive the aid.
Much of this additional assistance is said likely to be focused on infrastructure projects, industrialisation, the modernisation of agricultural, financial services, green development and peace and security and to help boost economic development but details of the deals have not been announced.
Speaking at the Forum on China Africa Cooperation in South Africa, Xi outlined 10 areas that will receive funding including infrastructure projects, aid for drought-stricken countries and thousands of scholarships for African students.
“China will implement ten cooperation plans with Africa in the next three years”, Xi said. The People’s Republic of China has proven to possess the competitive edge and workmanship capable of partnering with Africa to advance the cause of peace, prosperity and mutual benefits.
The two documents, Xi said, represent an all-round planning for future development of China-Africa relations and pragmatic cooperation in various areas.
He pointed out to Egypt’s winning of a non-permanent seat of the UN Security Council, saying that Egypt was looking forward to supporting China to obtain the membership of anti-terrorism committee of the council.
“We remain committed to seeking the peaceful settlement of disputes through dialogue and consultation, and China supports Africa in its efforts to solve African problems through African solutions”, they said in the declaration.
The two-day summit of the Forum on China-Africa Cooperation in South Africa’s commercial capital is the first top-level gathering to be held in the continent since the grouping was formed in 2000. “We say, may God bless China and its people”, said President Mugabe. “He is doing to us what we expected those who colonised us yesterday to do”, said Mr Mugabe, who is also chairman of the African Union, to loud applause by the delegates.
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More than half was in the following countries: South Africa (22%), Zambia and Nigeria (9% each), and Algeria, Angola and Sudan (6% each).
