China to provide $50bn facility to Africa in next three years Business Hallmark

Xi Jinping, Chinese President, has promised to provide 360 billion yuan (over $50 billion) in financial support to Africa over the next three years.

Xi spoke on Thursday at the opening ceremony of the Beijing summit on China-Africa cooperation.

The Chinese leader said China has fought to crush historical injustices wrought by the Western modernisation process.

“Modernization is an inalienable right of all countries. But the Western approach to it has inflicted immense sufferings on developing countries,” he said, according to an official translation of his Mandarin-language remarks.

“Since the end of World War II, Third World nations, represented by China and African countries, have achieved independence and development one after another, and have been endeavoring to redress the historical injustices of the modernization process.”

Xi noted that Africa’s joint pursuit of modernisation with China will open a new chapter in the drive for a community with a shared future for mankind.

To deepen cooperation between China and Africa, Jinping outlined 10 areas of potential partnership cutting across mutual learning, trade, industrial chain cooperation, connectivity, and development.

The Chinese leader also named health, agriculture, people-to-people exchanges, green development, and common security.

“We will give Africa RMB1 billion yuan of grants in military assistance, provide training for 6,000 military personnel and 1,000 police and law enforcement officers from Africa, and invite 500 young African military officers to visit China,” Jinping said.

“The two sides will conduct joint military exercises, training and patrol, carry out an ‘action for a mine-free Africa’, and jointly ensure the safety of personnel and projects.”

According to Xi, the $50 billion would be spread across credit lines, investments, and other relevant areas.