China to release RMB 360bln to Africa in next three years
The financial support package includes RMB 210bln in credit lines, RMB 80bln in various forms of assistance, and at least RMB 70bln in investments by Chinese companies
KAMPALA, September 5, 2024 – In a significant move to bolster China-Africa relations, China has announced it will provide RMB 360 billion [about US$ 50.7bln] in financial support to African nations over the next three years. This commitment is outlined in the Beijing Action Plan for 2025-2027, unveiled during the ongoing Forum on China-Africa Cooperation [FOCAC] Beijing Summit taking place from September 4-6, 2024 in Bejing, China.
The financial support package includes RMB 210bln in credit lines, RMB 80bln in various forms of assistance, and at least RMB 70bln in investments by Chinese companies. This substantial support aims to enhance practical cooperation between China and Africa across a wide range of fields.
African leaders who are in China have expressed their appreciation for the key measures outlined by Chinese President Xi Jinping. They view these initiatives as both forward-looking and strategic, addressing Africa’s future development needs and providing a powerful impetus for advancing China-Africa cooperation.
The forthcoming three years will see the implementation of ten partnership initiatives designed to foster modernisation and mutual advancement for China and Africa. These initiatives encompass areas such as:
Mutual Learning Between Civilizations: China will collaborate with Africa to establish a dialogue partnership under the Global Civilisation Initiative. This includes creating a platform for governance experience-sharing, supporting the establishment of a China-Africa network of knowledge, and training governance talent through the African Leadership Academy.
Trade Prosperity: China will offer duty-free treatment for all tariff lines from least developed countries [LDCs] with diplomatic ties with China, enhance cooperation on inspection and quarantine standards, and deepen e-commerce cooperation. Initiatives include setting up country pavilions in China’s Silk Road e-commerce zones and improving agricultural export access.
Industrial Chain Cooperation: China will aid Africa in developing local value chains and manufacturing capabilities, support the creation of industrial parks, and provide training on industrialization. A focus will be on small and medium-sized enterprises [SMEs] in Africa, including financing support and digital technology projects.
Connectivity: China will support 30 infrastructure projects in Africa, advance integration with the African Union and the African Continental Free Trade Area, and enhance financial market connectivity through local currency settlement and financial technology.
Development Cooperation: The joint publication of a Global Development Initiative Statement and the establishment of a network for promoting development will support 1,000 small-scale projects. China will also assist in hosting major events like the 2026 Summer Youth Olympic Games and the 2027 African Cup of Nations.
Healthcare: China plans to set up an alliance of hospitals, build joint medical and traditional medicine centers, and provide extensive training and medical support. Initiatives will include sending medical personnel, supporting Africa Centres for Diseases Control [CDC] operations, and investing in local medicine production.
Rural Revitalisation and People’s Wellbeing: Efforts will focus on eradicating hunger, supporting agricultural development, and establishing demonstration centers for agricultural modernisation. China will also provide emergency food aid and support rural development projects.
People-to-People Exchanges: China will continue vocational education projects, build engineering technology schools, and enhance cultural and educational exchanges. Plans include inviting African culture and tourism professionals to China and advancing the “Cultural Silk Road” programme.
Green Development: China will aid Africa in climate adaptation, support clean energy projects, and establish a special fund for green industrial development. Efforts will include joint research on environmental issues and participation in international space projects.
Common Security: China will partner with Africa to establish a Global Security Initiative, provide military support and training, and assist in demining efforts. The initiative also includes enhancing security for Belt and Road projects and training police officers.
These comprehensive initiatives reflect China’s commitment to strengthening its partnership with Africa and supporting the continent’s sustainable development and modernisation goals.
Buy your copy of thecooperator magazine from one of our country- wide vending points or an e-copy on emag.thecooperator.news
Views: 11
