Connect with us
Advertise With Us

NEWS

FOCAC 2018: Africa To Benefit From 8 Initiatives

Published

on

Chinese President, Xi Jinping has said that China will further strengthen its relationship with Africa through its eight initiative plan.

He said this yesterday while delivering his keynote address at the opening ceremony of the Beijing Summit on the Forum On China Africa Cooperation (FOCAC) in China.

The initiatives will be on the basis of the ten cooperation plans adopted at previous FOCAC meeting, held in 2015 in Johannesburg, South Africa and will span across the next three years, and beyond.

To guarantee that these eight initiatives are implemented, China will extend $60 billion of financing to Africa in the form of government assistance as well as investment and financing by financial institutions and companies.

“We encourage Chinese companies to make at least US$10 billion of investment in Africa in the next three years. In addition, for those of Africa’s least developed countries, heavily indebted and poor countries, landlocked developing countries and small island developing countries that have diplomatic relations with China, the debt they have incurred in the form of interest-free Chinese government loans due to mature by the end of 2018 will be exempted,” Jinping said.

The eight initiatives will include ; Industrial promotion initiative , infrastructure connectivity initiative, trade facilitation initiative, green development initiative , capacity building initiative, healthcare initiative , People to people exchange initiative and peace and security initiative.

  “We will work with Africa to undertake a number of key connectivity projects. We will support Africa in developing the Single African Air Transport Market and open more direct flights between China and Africa,” he noted.

Similarly, he expressed that China will facilitate bond issuance by African countries and their financial institutions in China,adding that he country will support African countries in making better use of financing resources of the Asian Infrastructure Investment Bank, the New Development Bank and the Silk Road Fund.

Nigerian President, Muhammadu Buhari is presently participating at the Summit alongside other African leaders.

The latest additions to the FOCAC are: The Gambia, São Tomé and Principe and Burkina Faso, all of whom President Jinping welcomed aboard.

Advertisement
Comments

MOST READ

NEWS2 hours ago

Osinbajo, Tinubu, Sanwo-Olu, Osoba Extol Jakande’s Legacy At 90  

Vice President Yemi Osinbajo, National leader of the All Progressives Congress, (APC), Asiwaju Bola Tinubu, Lagos State Governor Babajide Sanwo-Olu...

NEWS2 hours ago

WHO Set To Declare Nigeria Polio Free

The World Health Organisation (WHO) says it is set to declare Nigeria a polio free country. This is according to...

NEWS2 hours ago

Air Peace Loses Nose wheel, Tyre After Hard Landing In Lagos

An Air Peace Boeing 737-300 with registration number 5N-BQO operating from Port Harcourt to Lagos on Tuesday made an emergency...

NEWS2 hours ago

Power Distribution: KEDCO Secures Additional Units

Following the management’s resolve to restructure the company with a view to improving service delivery to its teeming customers, Kano...

NEWS2 hours ago

Ekiti Warns Principals Against Collection Of Illegal Levies

Ekiti State Government has warned school principals against collection of illegal levies in their schools, saying it would no-longer condone...

NEWS2 hours ago

C’River North Youths Hail PMB Over Jedi-Agba’s Ministerial Nomination

Cross River youths under the auspices of Northern Cross River Youth Coalition (NCRYC), Tuesday, commended President Muhammadu Buhari, over ministerial...

NEWS2 hours ago

Insecurity: Lagos Assembly Calls For Establishment Of State Police

Following the increasing rate of insecurity in the country, the Lagos State House of Assembly has called for constitutional amendment...

Advertisement

MOST POPULAR

%d bloggers like this: