Xi offers China ‘financial support’ to African countries worth 45.73 billion euros over three years

Chinese President calls for “deepening cooperation” with the continent and stresses that current ties “are the best in history”

September 5 (EUROPA PRESS) –

Chinese President Xi Jinping on Thursday expressed the Asian giant’s willingness to “deepen its cooperation” with African countries and offered “financial support” to the continent worth 360 billion yuan (around 45.73 billion euros) over the next three years.

Xi said during his opening speech in Beijing of the Forum on China-Africa Cooperation (FOCAC) that it aims to “discuss major plans for friendly cooperation between China and Africa in the new era” and stressed that since 2000 – when this forum was created – there has been “side by side” work to “defend mutual legitimate interests and rights.”

He said that these actions “have benefited hundreds of millions of people in China and Africa” ​​and praised that “after nearly 70 years of hard work, China-Africa relations are now the best in history.” “Looking to the future, I propose that bilateral relations with all African countries with which we have ties be elevated to the level of strategic relations,” he said.

Xi stressed that “the Chinese government is open to providing 360 billion yuan in financial support over the next three years,” including credit financing packages and other types of “assistance” and encouraging Chinese companies to “invest no less than 70 billion yuan (about 8.9 billion euros) in Africa.”

In this regard, he has proposed a plan with “ten actions” to “deepen” cooperation between the country and Africa, which includes the creation of 25 research centers “to build a platform for exchange on the China-Africa governance experience.”

Xi has announced the delivery of food aid worth one trillion yuan (about 127 million euros) and the reinforcement of support for the agricultural sector on the continent, in addition to promoting the educational system with the construction of an engineering and technology university and other study centres.

The Chinese leader also expressed Beijing’s willingness to “unilaterally expand market opening” and remove tariffs “for less developed countries that have ties with China, including 33 African countries,” as well as “expand access to African agricultural products” for the Asian giant.

The plan also includes increasing “industrial cooperation” and developing 30 “connectivity infrastructure projects in Africa,” as well as “deepening cooperation within the framework of the Global Development Initiative” and “building a joint medical center,” in addition to sending 2,000 medical teams to African countries.

“China is willing to launch 30 clean energy projects in Africa,” he said, while calling for “establishing the China-Africa Forum on the Peaceful Use of Nuclear Technology and jointly building 30 laboratories,” according to a statement published by the Chinese Ministry of Foreign Affairs.

Around 25 African leaders have travelled to Beijing to take part in the summit, which is the largest diplomatic meeting in China since the coronavirus pandemic and is a sign of the growing influence of the Asian giant on the continent.

At the summit, Sudanese Transitional Sovereign Council President and Army Chief Abdel Fattah al-Burhan announced an agreement with Beijing on energy and infrastructure, including support for Khartoum’s plans to obtain nuclear energy for peaceful purposes, according to the Sudan Tribune news portal.

UN SAYS ‘SOUTH-SOUTH COOPERATION IS ESSENTIAL’

The UN Secretary-General, António Guterres, also participated in the summit, and during his speech he stressed that the meeting is taking place at a time when “geopolitical tensions are increasing, there are active conflicts and poverty and hunger are on the rise.”

“The war in Ukraine continues with its global impact, death and destruction reign in Gaza and the people of Sudan are victims of unspeakable suffering. The climate crisis continues to worsen and inequalities are everywhere, exacerbating divisions and polarisation. The 2030 Agenda and the Paris Agreement are in danger,” he warned.

He also noted that “many African countries are mired in debt and have difficulty investing in sustainable development.” “Many do not have access to effective debt relief, have scarce resources and clearly insufficient financing to respond to the basic needs of their population and protect them from the ravages of a climate crisis that they did nothing to create,” he lamented.

“This situation is unsustainable and is a recipe for social unrest,” warned Guterres, who defended his proposal to carry out “profound reforms” to the “outdated, ineffective and unfair international financial system” and advocated “promoting an effective restructuring of long-term debt that puts people at the centre.”

“China and Africa’s support for these reforms is essential,” said the UN Secretary-General, who stressed that “in this context, South-South cooperation is essential to increase capacities and promote progress in developing shared objectives, without in any way reducing the responsibilities of the Global North.”

In this regard, he stressed that “China’s partnership with the African continent is the main pillar of South-South cooperation.” “Your joint efforts, based on the UN Charter, can create a new impetus for African development. China is already Africa’s largest trading partner,” he recalled.

“We know that in Africa, as elsewhere, investment makes a difference when it respects national ownership and is financially sustainable, climate-sensitive and consistent with human rights,” said Guterres, who insisted that “the China-Africa partnership can drive the renewable energy revolution.”

“It can be a catalyst for key transitions in food systems and digital connectivity,” he said, stressing that “China’s remarkable development record, including in eradicating poverty, provides a wealth of experience.” “Africa can maximise the potential of China’s support in areas ranging from trade to data management, finance and technology,” he argued.

Guterres also described it as “outrageous” that no African country has a permanent seat on the UN Security Council and expressed the organization’s willingness to support the strengthening of relations between China and Africa “towards the shared goal of peace, sustainable development and human rights on a healthy planet.”