China-Africa summit: Xi denies money being spent on vanity projects

03 September, 2018, 21:24 | Author: Frank Williams
  • S Buhari arrives Beijing for China Africa summit

FOCAC should "work to balance the structure of trade between Africa and China", he said.

Last month, Malaysian prime minister Mahathir Mohamad canceled more than $20 billion worth of planned Chinese infrastructure projects, saying he was concerned about paying for them.

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.

NAIJ.com gathered that the summit which is themed Towards an even Stronger China-Africa Community with a shared Future is scheduled to hold between September 3 and 4.

China will this week host a forum where development projects for the next three years will be discussed.

Chinese officials say this year's summit will strengthen Africa's role in Xi's "Belt and Road" initiative, which has already seen billions of dollars loaned to countries in Asia and Africa for roads, railways, ports and other major infrastructure projects.

South Africa's department of Trade and Industry and China's National Development and Reform Commission also pledged to cooperate on global investment promotion for the African country's special economic zones and industrial parks, including a 4,600 MW coal-fired plant, a cement plant and other metallurgical projects.

Over the past 18 years, achievements have been made in political, economic and people-to-people exchanges between China and Africa.

China is on a quest to become the world's economic superpower and Africa will be its gateway into infrastructure development investment deals.

More news: Jose Mourinho: What's wrong at Manchester United?

China has established 54 Confucius Institutes and 27 Confucius classrooms in 41 African countries.

Chinese state-owned companies have aggressively pursued large investments across African continent, whose vast resources have helped fuel China's transformation into an economic powerhouse.

The annual ministerial meeting was held ahead of the 2018 Beijing Focac Summit which officially opens today.

Over the past 18 years, FOCAC has become a significant platform for collective dialogue between China and African countries and a leading mechanism for worldwide ties with Africa and also South-South cooperation.

The documents are expected to build on the outcomes of the Johannesburg summit, during which Xi announced 10 major cooperation plans to promote industrialisation and agricultural modernisation in Africa.

"The reality is that Chinese debt as a percentage of total African debt is still relatively small", said Kenny Fihla, Standard Bank's chief executive for corporate banking.

"It is a vision of a continent where commerce, trade, investment, skills and knowledge move freely across the borders that were imposed on us by our colonial rulers", he said.

China would be happy to help Africa upgrade its customs and commodities inspection facilities and provide supplies and equipment to improve trade connectivity with the continent, the Chinese leader added. Aside from Mauritius, no other African country has an Free Trade Agreement with China.

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