The People’s Republic of China has promised to inject about $50.6 billion into African economies for the implementation of 10 Partnership Actions recently agreed on at the just ended FOCAC. According to the Chinese government this financial support will come in three forms within the next three years.
About $29.5 billion will be in the form of credits to African countries while a sum of $11.3 billion will be in the form of assistance. China has also revealed that an additional $9.8 billion of the promised financial support will be invested in Africa by Chinese companies.
To sustain access to other means of financial support by African countries, the Chinese government has also hinted of encouraging African leaders and countries to issue ‘panda bonds’ in China to enhance cooperation towards improving infrastructure on the continent of Africa.
The huge financial support, according to the Chinese government will be disbursed to areas or sectors that are of mutual concern to China and Africa.
A ten partnership actions was drawn up and agreed on by China and Africa during the recently held Forum for China-Africa Cooperation. Both, China and Africa, adopted a Beijing Declaration and Action Plan for strengthening cooperation in the next three years.
President Xi Jinping believes the Action Plans which include Partnership Action for Mutual Learning among civilizations; Partnership Action for Trade and Prosperity; Partnership Action for Industrial Chain Cooperation; Partnership Action for Connectivity; Partnership Action Plan for Development Cooperation; Partnership Action Plan for Health; Partnership Action Plan for Agriculture and Livelihoods; Partnership Action Plan for People-to-People Exchanges; Partnership Action for Green Development and; Partnership Action for Common Security, will most likely help advance African Countries in the next three years.
Chinese Ambassador to Ghana, H.E Tong Defa, during a briefing at his residence on the 2024 FOCAC summit which took place in China from 4th to 6th of September, 2024 re-echoed the Chinese government’s commitment to ensuring Africa develops to ensure improvement in the livelihoods of the over 1 billion Africans.
H.E Defa intimated that the Chinese government since officially cementing ties with Africa has exemplified its willingness to strengthening the unity and cooperation with African countries. He shared the wellbeing of African counterparts has always been a priority of China’s diplomatic dealings with Africa.
China, H.E Defa shared, will continue to observe the principle of sincerity, real results, amity and good faith which guide China’s policy towards Africa.