By Abu Bakarr Kargbo in Beijing
In a groundbreaking announcement at the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC), Chinese President Xi Jinping detailed an ambitious financial support plan aimed at deepening China-Africa cooperation and spearheading modernization efforts across the Global South. President Xi revealed that China is set to provide significant financial backing as part of ten partnership actions over the next three years, in a bid to elevate the China-Africa relationship to new heights.
The 10 partnership action plans, encompassing various crucial areas such as mutual learning among civilizations, trade prosperity, industrial chain cooperation, connectivity, development cooperation, health, agriculture, and livelihoods, people-to-people and cultural exchanges, green development, and common security, will be implemented to enhance collaboration between China and African nations. President Xi emphasized the need to establish an all-weather China-Africa community with a shared future for the new era, elevating bilateral relations to the level of strategic partnerships.
To support the implementation of these partnership actions, the Chinese government has pledged a substantial financial package totaling $50 billion over the next three years. This includes RMB360 billion yuan in financial support, comprising RMB210 billion yuan in credit lines, RMB80 billion yuan in various forms of assistance, and at least RMB70 billion yuan in investments by Chinese companies in Africa. Additionally, China will encourage the issuance of panda bonds by African countries to bolster cooperation efforts.
Key highlights of the financial support plan include the provision of zero-tariff treatment for 100% credit lines, the deployment of two thousand personnel to aid in healthcare initiatives such as malaria treatment, the creation of at least one million jobs, and the allocation of $140 million for military training and security enhancement. The comprehensive approach aims to promote sustainable development, strengthen public health infrastructure, and foster economic growth across the continent.
Several prominent African leaders, including President Bassirou Diomaye Faye of Senegal, President Mohamed Ould Cheikh El Ghazouani of Mauritania, President Cyril Ramaphosa of South Africa, President Felix Tshisekedi of Congo, and President Bola Tinubu of Nigeria, expressed their support and appreciation for President Xi’s initiatives. They highlighted the significance of the FOCAC platform in driving mutual development, enhancing trade relations, and advancing peace and stability in the region.
As the global community faces evolving challenges and opportunities, the partnership between China and Africa stands as a beacon of solidarity and cooperation. With a renewed commitment to shared prosperity and sustainable development, the 2024 FOCAC Summit sets the stage for transformative initiatives that aim to uplift nations, empower communities, and build a more inclusive future for all.
The United Nations Secretary-General António Guterres and African Union Commission Chairman Moussa Faki Mahamat also commended China’s unwavering support for Africa and emphasized the importance of collaborative efforts in realizing the goals of FOCAC. Together, China and Africa are poised to navigate the complexities of modernization, embrace innovation, and forge a path towards a more prosperous and interconnected world.
As the next chapter of China-Africa cooperation unfolds, the collective resolve to overcome challenges, drive sustainable development, and foster peace underscores a shared commitment to shaping a brighter future for generations to come.
