China offers $60bn leg-up for Africa… and promises to keep out of politics

China is to provide $60bn over three years to fund development in Africa, president Xi Jinping pledged on Friday. Outlining a ten-point development plan, Mr Xi told African leaders he wanted to build a relationship of equals. “To ensure the successful implementation of these ten cooperation plans, China decides to provide a total of $60 billion of funding support,” he told the Forum on China-Africa Cooperation in Johannesburg. "China is greatly concerned about the poor harvest caused by El Nino in many African countriesx and will provide one billion renminbi yuan ($156 million) worth of emergency food aid to the affected countries,“ Mr Xi added.

These plans (are) aimed at addressing three issues holding back Africa’s development, namely inadequate infrastructure, lack of professional and skilled personnel and funding shortage.

Chinese president Xi Jinping

Despite its own slowing economy, Mr Xi said his country would step up investment in factories manufacturing goods for export in Africa, in addition to building roads, ports and railways. China would relace existing debts with zero interest loans for least developed countries. It will also strengthen its cooperation with Africa in the fight against violent extremism and would not interfere with the political choices of countries in the continent, Mr Xi pledged. The two-day FOCAC meeting is the second time China has brought together African leaders since the forum was launched in Beijing in 2000. Since then, China’s trade with Africa has overtaken that of the traditional partners of Europe and the US.

Africa xi jinping