China will invest $10bln in Africa in next three years: President Xi Jinping

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In his keynote speech at the opening ceremony of 8th Forum On China-Africa Cooperation (FOCAC) Ministerial Conference, President Xi Jinping underscored that China will encourage its businesses to invest no less than 10 billion US dollars in Africa in the next three years, and will establish a platform for China-Africa private investment promotion.

China will undertake 10 industrialization and employment promotion projects for Africa, provide credit facilities of 10 billion US dollars to African financial institutions, support the development of African SMEs on a priority basis, and establish a China-Africa cross-border RMB center, he indicated.

President Xi Jinping said China will exempt African LDCs from debt incurred in the form of interest-free Chinese government loans due by the end of 2021, and is ready to channel to African countries 10 billion US dollars from its share of the IMF’s new allocation of Special Drawing Rights.

China will undertake 10 digital economy projects for Africa, set up centers for China-Africa cooperation on satellite remote-sensing application, and support the development of China-Africa joint laboratories, partner institutes, and scientific and technological innovation cooperation bases.

He China will work with African countries to expand Silk Road e-commerce cooperation, hold online shopping festivals featuring quality African products and tourism e-commerce promotion activities, and launch a campaign to market 100 African stores and 1,000 African products on e-commerce platforms.

China will undertake 10 green development, environmental protection and climate action projects for Africa, support the development of the “Great Green Wall”, and build in Africa centers of excellence on low-carbon development and climate change adaptation.
China will undertake 10 poverty reduction and agricultural projects for Africa, and send 500 agricultural experts to Africa. China will set up a number of China-Africa joint centers for modern agrotechnology exchange, demonstration and training in China, encourage Chinese institutions and companies to build in Africa demonstration villages for China-Africa cooperation on agricultural development and poverty reduction, and support the Alliance of Chinese Companies in Africa for Corporate Social Responsibilities in launching the initiative of “100 Companies in 1,000 Villages”.
China will open “green lanes” for African agricultural exports to China, speed up the inspection and quarantine procedures, and further increase the scope of products enjoying zero-tariff treatment for the least developed countries (LDCs) having diplomatic relations with China, in a bid to reach 300 billion US dollars in total imports from Africa in the next three years.
China will provide 10 billion US dollars of trade finance to support African export, and build in China a pioneering zone for in-depth China-Africa trade and economic cooperation and a China-Africa industrial park for Belt and Road cooperation.
According to the President, China will undertake 10 connectivity projects for Africa, form an expert group on economic cooperation with the secretariat of the African Continental Free Trade Area (AfCFTA), and give continued support to the development of the AfCFTA.
China will help build or upgrade 10 schools in Africa, and invite 10,000 high-level African professionals to seminars and workshops. We will implement “Future of Africa — a project for China-Africa cooperation on vocational education”, and start an employment “through train” scheme for African students in China. China will continue to work with African countries to set up “Luban Workshops”, and encourage Chinese companies in Africa to create at least 800,000 local jobs, he said.
President Xi Jinping also indicated that China will support making all African countries having diplomatic ties with China approved destinations for Chinese tourist groups. We will hold African film festivals in China and Chinese film festivals in Africa, as well as a China-Africa youth services forum, and a China-Africa women’s forum.

China will undertake 10 peace and security projects for Africa, continue to deliver military assistance to the AU, support African countries’ efforts to independently maintain regional security and fight terrorism, and conduct joint exercises and on-site training between Chinese and African peacekeeping troops and cooperation on small arms and light weapons control, the President added.

Source: FBC