Home » Money

China announces $60 billion ‘no-strings attached’ investment towards projects in Africa

03 September, 2018, 19:29 | Author: Kristi Dunn
  • President Cyril Ramaphosa addresses a business breakfast in Beijing with business leaders

Speaking to leaders from more than 30 African countries at Beijing's Great Hall of the People, Xi said China's investment and engagement on the continent would continue, with no political strings attached to Beijing's investments in Africa.

After three years, leaders of African countries and China converge on the Chinese capital Monday and Tuesday for the 2018 Beijing Summit of the Forum on China-Africa Cooperation (FOCAC), whose theme is "China and Africa: Toward an even stronger community with a shared future through win-win cooperation".

"We have seen the successes of this relationship; with African countries becoming more integrated and connected through the continued assistance of the People's Republic of China", said Sisulu.

In terms of the agreement between the Bank of China and the Department of Trade and Industry (DTI)‚ one of the biggest commercial banks in China has committed to pumping money into the development of special economic zones in South Africa.

Founded on the principles of South-South cooperation, the summit provides a basis for mutual benefit and support, while serving as a vehicle through which Africa and China can stimulate growth and unlock new opportunities in trade and cooperation.

Xi said China would set up a China-Africa peace and security fund and that a total of 50 "security assistance" programs will be carried out, such as United Nations peacekeeping missions, fighting piracy and combating terrorism.

Xi made no mention of the political and debt concerns that overshadow some BRI projects.

Fourteen sub-forums and side events, covering various people-centered areas, will take place before and after the summit.

Chicago Bears outbid Cleveland Browns, others for Khalil Mack
Like Donald, who was drafted the same year Mack was, he deserves to be compensated for his efforts. Either way, the trade brings the Mack saga to a swift and shocking end in Oakland.

The summit is also expected to strengthen the cooperation between China and Africa to a high level with the adoption of the Beijing Declaration and the Beijing Action Plan.

President Kenyatta's discussions are also expected to advance Kenya's shift away from pure debt financing with new emphasis being placed on Private Public Partnerships and the need to explore innovative off-balance sheet financing for the country's infrastructure needs.

The number of Chinese tourists to Africa is rapidly growing as African countries are trying to attract more visitors from China.

In addition, he said China will encourage companies to invest at least $10 billion in Africa over the next three years.

Africa is growing in strategic importance for China, with the People's Liberation Army opening its first overseas naval base in Djibouti a year ago.

China also said it would negotiate free trade agreements with countries and regional organisations and increase the import of African products.

Chinese officials have vowed to be more cautious to ensure projects are sustainable.

"China does not interfere in Africa's internal affairs and does not impose its own will on Africa", Xi said. China has been Africa's largest trading partner for nine years in a row. A total of 50 security help programmes would be implemented, ranging from United Nations peacekeeping missions to fighting piracy, he said.

Recommended:

  • Sony launches Xperia XZ3 at IFA with a 6.0-inch OLED display

    Sony launches Xperia XZ3 at IFA with a 6.0-inch OLED display

    The screen now has curved edges a bit like the Galaxy S9 and a feature similar to HTC's Edge Sense. Sony Xperia smartphones stand out for their camera capabilities, and the Xperia XZ3 is no less.
    Tennis star penalised for taking top off slams Serena catsuit ban

    Tennis star penalised for taking top off slams Serena catsuit ban

    Venus later joked that her younger sister had had an unfair advantage: "It was two against one", the older Williams said. Dahya said incidents like these play a part in the #MeToo conversation over assault, harassment and gender disparity.
    Prince Harry, Meghan join Lin-Manuel Miranda at 'Hamilton'

    Prince Harry, Meghan join Lin-Manuel Miranda at 'Hamilton'

    The hip-hop musical is about the life of the American founding father, Alexander Hamilton , and his rise from poverty to power. After the show he got on stage and burst into song, mimicking one of the tunes sung by his ancestor, with the words "you say".
  • Apple to unveil to new iPhone models!

    Apple to unveil to new iPhone models!

    The Company is likely to unveil multiple new iPhones and possibly a new Apple Watch and an updated iPad Pro . The Apple Watch 4 is expected to look slightly different with thinner bezels than the previous models.
    John McCain remembered as hero, fighter and joker at Phoenix service

    John McCain remembered as hero, fighter and joker at Phoenix service

    A private memorial service was held for Sen. "Courage is not the absence of fear, but the capacity to act despite our fears". He understands us.' And I must confess, he did understand us. "If that makes somebody mad, I'll just live with that".
    No Need to Resume US-South Korea Wargames

    No Need to Resume US-South Korea Wargames

    But since that historic meeting, there has been little progress toward the United States goal of North Korean denuclearisation. Even so, Mattis noted that diplomacy remained the core focus of USA policy, de-emphasizing a military role.
  • McCain remembered at Washington National Cathedral memorial service

    McCain remembered at Washington National Cathedral memorial service

    McCain, who died at the age of 81 last Saturday after a lengthy battle with brain cancer, was an iconic figure in U.S. politics. She described "the America of John McCain" as the America of the Revolution, Abraham Lincoln and members of the armed services.
    Coca-Cola to Buy UK Coffee Chain Costa for $5.1 Billion

    Coca-Cola to Buy UK Coffee Chain Costa for $5.1 Billion

    It now has more than 2,400 United Kingdom coffee shops, as well as some 1,400 outlets in 31 overseas markets. The Whitbread board unanimously backed the deal, which is expected to close in the first half of 2019.
    Manchester City’s potential Champions League opponents ahead of Thursday’s draw

    Manchester City’s potential Champions League opponents ahead of Thursday’s draw

    This will come as a blow to Liverpool , who could potentially now face a much harder group when they are revealed tomorrow night. Dutch teams PSV and Ajax should be competitive, while Schalke were runners-up in the Bundesliga to Bayern Munich last term.
  • China's JD.com: Founder Returns to Beijing After US Arrest

    China's JD.com: Founder Returns to Beijing After US Arrest

    The New York Times reported Liu has returned to China where he has become the talk of the nation. JD.com is 10 percent owned by Walmart , while Chinese internet firm Tencent owns 18 percent.
    Hamilton denies Ferrari a home win at Italian GP

    Hamilton denies Ferrari a home win at Italian GP

    Hamilton's overtaking move on Vettel was investigated by the stewards but they took no action, deeming it a racing incident. Still, it was a front row lockout for Ferrari - but not really in the order they wanted - with Hamilton behind them both.
    Rain chances increase throughout your Labor Day weekend

    Rain chances increase throughout your Labor Day weekend

    The Accumulated Cyclone Energy - a measure of the strength and longevity of a storm - is 17.5 this season when the normal is 28.7. However, the weather service doesnt believe the tropical wave poses a threat to the region because its so disorganized.


Popular

Canada-U.S. trade talks break down without a deal
Canada rejoined NAFTA talks on Tuesday, a day after the USA and Mexico reached a deal , tweaking the free trade agreement. Throughout the day Friday, it became increasingly clear that Canada and the US would be unable to reach an agreement.

Lego replica Bugatti Chiron runs at top speed of 28.97 kph
Over 1 million pieces were used in assembling the 1.5-ton auto , and LEGO said its creators didn't use any glue. From about 20 meters away, he added, it's not obvious that you're looking at a Lego auto .

Energy Industry Awaiting Details on Tentative U.S.-Mexico Trade Pact
The proposed deal between Mexico and the United States intensifies pressure on Canada to agree to the same terms. Canadian Foreign Minister Chrystia Freeland will arrive in Washington , D.C., on Tuesday to meet with U.S.

Ramos says he was surprised at Ronaldo's remarks after Champions League success
Jurgen Klopp has asserted that he expected a hard group in the Champions League after his side were drawn in a "group of death". Notably, Modric was also adjudged the best player of the 2018 FIFA World Cup in Russian Federation .

Rick Zamperin: Simply put, Blue Jays whiffed on Josh Donaldson deal
Still, those are the only two times Donaldson has appeared in games since May, so he remains something of an unknown for 2018. The third baseman only played in his first rehab game on Tuesday night in Dunedin, Fla., for Toronto's Class-A affiliate.

Halle Berry trolls Prince Harry and reveals teen crush
On Tuesday, DailyMail.com published resurfaced photos of Prince Harry's dorm room while he was a student at Eton College . He's also got a great assortment of mugs and family photos - including a framed portrait of Princess Diana on his desk.

Ariana Grande to perform at Aretha Franklin's funeral
I was able to visit with her a few times there at the apartment and to hold her hand and to YouTube my dad singing Joy Bells. On the inside of the lid embroidered into the fabric is " Aretha Franklin the Queen of Soul".

Authorities Identify Mystery Woman in Texas Doorbell Video
Authorities say the man was found dead from a single gunshot wound after deputies responded to a welfare call. As reported by the Independent, the Montgomery woman luckily has also been found safe and sound.

France scallop war in pictures: ‘Firebombed’ trawlers return home
He defended the Brits' position claiming they were in global waters and therefore entitled to fish in the location where they were ambushed.

In Upset, Progressive Bests Dem Frontrunner In Florida Gov Primary
Following her win Tuesday, President Trump praised McSally for her win and rejecting an endorsement from Senator Jeff Flake. On the Democratic side, progressive candidate Andrew Gillum , also 39, won the nomination in a surprising upset.