China’s President Xi Jinping has announced that the country will invest an extra USD $60 billion in African countries as part of the Belt and Road Initiative (BRI), according to state-owned news outlet China Daily.
Speaking at the Forum on Africa-China Corporation (FOCAC) on September 4, Xi underlined Africa’s importance to China and claimed that the financing honours Beijing’s promise at a previous FOCAC summit in 2015, to support the regeneration of the continent’s infrastructure.
The new investment package is concentrated on improving China-Africa cooperation in a number of areas, including industrial promotion, infrastructure connectivity, trade facilitation and green development.
Xi said: “China has honoured its 2015 promise to provide Africa with funding support totalling $60 billion.
“The financing will be provided in the form of government assistance as well as investment and financing by financial institutions and companies.
“China encourages and supports mutual investment between China and Africa, and does not seek a trade surplus. China is ready to create conditions conducive to expanding imports.”
Africa, which comprises of one-sixth of the world’s population, already trades approximately USD $200 billion with China, and is the biggest recipient of Chinese state aid as part of the BRI.
The BRI, China’s project to revitalise logistic and trade infrastructure from Asia to Africa and Europe, will come at an approximate cost of $900 billion.