China meeting its African colonies

Posted September 03, 2018

"Since then, in the past three years nearly 90% of the loans have been disbursed or have been decided on those projects", he said.

During the Summit, the Chinese President will also hold bilateral talks and meetings with foreign leaders.

Themed "China and Africa: Toward an Even Stronger Community with a Shared Future through Win-Win Cooperation", the summit is expected to be attended by leaders and officials from 53 African states except Swaziland, the tiny African kingdom which still remained allied with Taiwan, spurning Beijing's overtures.

While in China, Buhari is expected to attend the 7th summit of the Forum on China-Africa Cooperation scheduled to hold from September 3 to September 4 in Beijing.

Xi told business leaders Chinese firms in Africa had to be aware of their social responsibilities and make sure their investments served the community and improved their wellbeing.

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Xi said China stands ready to strengthen ruling party exchanges and governance experience sharing with Angola, deepen cooperation in all areas, and enhance communication and coordination on major worldwide issues.

The pundits claimed that China would never deliver on its commitments, and that it was all part of a grand propaganda exercise, but as it turns out, a large number of Africa's priority FOCAC projects have either been completed or are underway.

It will speed up the industrialization and modernization of the continent, and push China-Africa cooperation to a higher level, said the Chinese diplomat.

Focac will bring together 52 African countries, the African Union (AU) Commission and the People's Republic of China, as equal partners in fostering greater unity and cooperation. China's exports to Africa grew by 2.7 per cent to $94.74 billion, while its imports rose by 32.8 per cent to $75.26 billion. Some Chinese manufacturers are expanding to Africa, but the bulk of Chinese investment goes into mining or construction of roads and other infrastructure. Speaking to Xinhua in his office in the capital Monrovia, the president said Liberia will seek opportunities at the summit in Beijing.

The event will be co-chaired by President Cyril Ramaphosa and China's President Xi Jinping.

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Nations across Africa are hoping that China's enthusiasm for infrastructure investment will help promote industrialization on the continent.

China's attraction stems from its ability to offer financing from state-owned enterprises or funds such as the China-Africa Development Fund or its Silk Road fund, besides special objective vehicles that avoid sovereign debt on balance sheets.

In the latest manifestation of growing communication between the Chinese and African people, a group of 169 Kenyan students, who have received Chinese scholarships, are set to depart for different cities and universities across the Asian nation to further their studies.

Liberian President George Weah has said that his country is ready to align its "pro-poor agenda" with the China-proposed initiative.

"As it is, nearly all African countries have loans or grants from China, so it would make economic sense to repay in yuan", said MEFMI spokesperson Gladys Siwela-Jadagu.

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