China has committed to invest more than $50 billion in Africa in various forms including credit lines, technical support, grants, as well as support for Chinese private companies doing business with Africa. China’s President Xi Jinping said during the official opening ceremony of the Forum on China-Africa Cooperation (FOCAC) in Beijing that the financial support will help implement 10 partnership actions between China and Africa over a period of three years. The president said that more than half the amount committed, $28.8 billion, will be in form of creditlines, $11 billion will be assistance in various forms, and at least $9.6 billion will be in form of investment in Africa by Chinese companies. He also promised to help African countries issue bonds in China. ALSO READ: PHOTOS: Kagame joins Africa, China leaders in 2024 FOCAC Summit opening ceremony “China will encourage and support Africa in issuing panda bonds to enhance our results-oriented cooperation in all areas,” Jinping remarked, referring to bonds issued in China by foreign entities, denominated in Chinese Yuan and listed in the domestic Chinese bond market. During the 2021 China-Africa summit that was held in Senegal, China committed to invest $40 billion across the continent. ALSO READ: What to expect at upcoming China-Africa cooperation summit China-Africa trade China has also committed to opening up its market wider to least developed countries (LDCs). “We have decided to give all LDCs that have diplomatic relations with China, including 33 countries in Africa, zero-tariff treatment for 100 per cent tariff lines,” Jinping said, adding that under the arrangement, China will expand market access to African agricultural products and e-commerce, among others. The president also said that China is ready to negotiate and sign the framework agreement of China-Africa Economic Partnership with interested African countries to enable more practical trade as well as investment liberalisation arrangements. ALSO READ: 7 major ‘contract-talks’ investors seek from China-Africa summit China, the world’s second largest economy and Africa's largest trading partner, uses mineral resources from Africa for its manufacturing industries. Last year, it imported goods worth $282 billion from Africa, growing from $261 billion in 2022. China has pledged to carry out 30 infrastructure connectivity projects in Africa to promote the Belt and Road cooperation and put in place a China-Africa network featuring land-sea links. The FOCAC summit, attended by more 50 fifty African heads of state, will close tomorrow, September 6.
