He said the $60 billion support is meant to ensure that the plan is successfully implemented within the stipulated three-year period by addressing three issues holding back Africa’s development, namely: “inadequate infrastructure, lack of professional and skilled personnel and funding shortage”.
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He said China and Africa should remain committed to solidarity and co-operation on global affairs.
This is in stark contrast to the traditional model that’s based on engineering, procurement and construction and where all functions – from the design, supply and construction – are delivered by the Chinese.
At the continental level, President Kenyatta said Kenya cherishes the milestones made in the history of China-Africa relations through the Forum on China Africa Cooperation (FOCAC), which has grown in strength over the past few years.
According to China’s official Xinhua news agency, the assistance over three years will focus on 10 areas, including industrialisation, the modernisation of agricultural, financial services, green development and peace and security.
Zhong Jinahua, a Chinese diplomat at the summit, brushed off concerns about the recent drop in investment into Africa.
“I don’t think we need to panic over the fluctuations in trade volumes”. “It’s only natural for the market to experience some ups and downs”.
JOHANNESBURG, Dec 4 (Reuters) – Chinese President Xi Jinping told African leaders on Friday his country would pump $60 billion into development projects, cancel some debt and boost agriculture under a three-year plan that will extend Beijing’s influence in the continent. “Indeed President Xi did not elaborate on any of the specific projects, but we hope that in the future we will make some follow up actions and specify on the projects”, said Zhong – former Chinese ambassador to South Africa.
The slew of deals also assuaged fears of the impact of the world’s second largest economy’s slow-down on South Africa…and the broader African continent. “This is important in light of the declining demand for commodities”.
The ministries and departments in Buhari’s administration are reportedly crowding into South Africa with the president on the pretext that the trip is aimed at attracting Chinese investment.
Zimbabwean President and African Union Chairman Robert Mugabe praised China for its support. “But he is doing to us what we expected our colonizers to do”, Mugabe said amidst loud cheers from the audience.
“Once again our detractors have sought to portray and reduce our relations to purely commercial ties, on the contrary, reality fortunately does not conform to such distorted imaginative creations”.
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He said if the West that colonized Africa has ears, they should hear.
