China pledges US$50bn for Africa

Fungi Kwaramba in Beijing, China

PRESIDENT Mnangagwa yesterday joined other African Heads of State for the official opening of the Forum on China Africa Co-operation (FOCAC) where China pledged US$50 billion in funding the continent’s modernisation and industrialisation efforts.

Fifty African Heads of State and Government are in Beijing for one of the biggest diplomatic events on the calendar that brings together leaders of a third of the world’s population.

United Nations Secretary General António Guterres joined the trialatial Forum, calling for a permanent seat for an African state on the UN Security Council and reform of global financial institutions to cater to the African continent.

In his address, Chinese President Xi Jinping said bilateral relations between China and all African countries having diplomatic ties with Beijing must be elevated to the level of strategic partnerships.

He also proposed that the overall characterisation of China-Africa relations be elevated to an all-weather China-Africa community with a shared future for the new era, a status that Zimbabwe already enjoys.

President Xi said modernisation, which dovetails with President Mnangagwa’s vision, is an inalienable right of all countries, laying down six features for the process.

He proposed modernisation, which must be just and equitable,  open and win-win, that puts the people first and that features diversity and inclusivity.

Further, the Chinese leader said modernisation must be eco-friendly and always be underpinned by peace and security.

“China and Africa account for one-third of the world  population. Without our modernisation, there will be no global modernisation,” said President Xi.

He said in the next three years, his country will work with African countries in 10 partnership areas to deepen China-Africa co-operation and spearhead the Global South modernisation.

The 10 areas proposed for partnership include Action for Mutual Learning among Civilisations, the Partnership Action for Trade Prosperity where China undertakes to voluntarily and unilaterally open its market wider.

This will also see the least developed countries with diplomatic relations with China, including 33 African countries, getting zero-tariff treatment for 100 percent tariff lines, expand market access for African agricultural products, deepen co-operation with Africa in e-commerce and other areas, and launch a China-Africa quality enhancement programme.

The Partnership Action for Industrial Chain Co-operation will see China push forward the Pilot Zone for In-depth China-Africa Economic and Trade Co-operation, and launch an African SMEs empowerment programme.

Apart from that, the two continents entered into the Partnership Action for Connectivity, Partnership Action for Development Co-operation, and the Partnership Action for Health.

Under the Partnership Action for Agriculture and Livelihoods, China will provide Africa with around US$140 million, build standardised agriculture demonstration areas, send 500 agricultural experts, and establish a China-Africa agricultural science and technology innovation alliance.

“We will implement 500 programmes in Africa to promote community welfare. We will also encourage two-way investment for new business operations by Chinese and African companies, and create at least one million jobs for Africa,” President Xi said.

Other partnerships are in People-to-People Exchanges, Green Development and Common Security.

 

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