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☆ China's Xi pledges over $50 billion in financial aid to Africa to deepen ties
▼ + stars: | 2024-09-05 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +1 min

China's President Xi Jinping (C) and his wife Peng Liyuan pose for a group photograph with leaders from African nations ahead of a dinner reception during the Forum on China-Africa Cooperation (FOCAC) at the Great Hall of the People in Beijing on September 4, 2024. Chinese President Xi Jinping said Thursday that China will provide 360 billion yuan (more than $50 billion) in financial support to Africa over the next three years. Xi spoke on the second day of the ninth Forum on China-Africa Cooperation Summit, which is expected to deliver new policies and cooperation agreements that will set the stage for China-Africa relations in the next three years. "The China-Africa relationship is now at its best in history," Xi said, according to an official translation of his Mandarin-language remarks. "China is ready to deepen cooperation with Africa in industry, agriculture, infrastructure, trade and investment," Xi said, urging both sides to jointly advance modernization that is "open and win-win."

Persons: Xi Jinping, Peng Liyuan, Xi, Cyril Ramaphosa, William Ruto — Organizations: Africa Cooperation, of, People, Africa Cooperation Summit, West Locations: African, China, Beijing, Africa, South

REUTERS/Alet Pretorius Acquire Licensing RightsJOHANNESBURG, Aug 22 (Reuters) - African countries want China to shift its focus from building infrastructure on the continent to local industrialisation, China's top Africa diplomat said on Tuesday at a briefing on the sidelines of the BRICS summit in South Africa. "African integration is already escalating and many African countries (have) asked China to consider (a) shift (of) our focus," Wu Peng, director-general of China's department of African affairs at its foreign ministry, said. China will talk through its plans for African industrialisation with African leaders on Thursday at a special roundtable on the sidelines of the Aug. 22-24 meeting of the BRICS bloc - Brazil, Russia, India, China and South Africa. Between 2000 and 2020, Chinese lenders - mostly state-owned banks - agreed to lend $160 billion to African countries, according to Boston University. He also said that investments by Chinese companies in Africa, especially from small and medium-sized companies, would increase.

Persons: Xi Jinping, Alet Pretorius, Wu Peng, Wu, Xi, Carien du Plessis, Tannur Anders, Emelia Sithole Organizations: REUTERS, Rights, Africa Continental Free Trade, Boston University, for, Africa Cooperation, Thomson Locations: Pretoria, South Africa, Rights JOHANNESBURG, China, China's, Africa, Brazil, Russia, India, for China

[1/2] China's President Xi Jinping takes his seat at the first closed session of the leaders of the BRICS summit meeting in Johannesburg, South Africa, July 26, 2018. China's interactions with African leaders will follow last month's Russia-Africa summit in St Petersburg, where Russian President Vladimir Putin held court with the 17 African heads of state who attended out of the 54 African countries invited. Chen said Xi and African leaders will draw up a blueprint for cooperation to create jobs and improve livelihoods in Africa. It is not clear yet how many heads of state will attend the Aug. 22-24 BRICS summit, but South African officials said more than 70 had been invited. Between 2000 and 2020, Chinese lenders, mostly state-owned banks, agreed to lend $160 billion to African countries, according to Boston University, and Chinese companies have also invested heavily in mining on the continent.

Persons: Xi Jinping, Gianluigi, Chen Xiaodong, Xi, Cyril Ramaphosa, Vladimir Putin, Chen, Macky Sall, Azali Assoumani, Carien du Plessis, Rachel Savage, Tomasz Janowski Organizations: Rights, Forum for China Africa Cooperation, Union, Boston University, Thomson Locations: Johannesburg, South Africa, Rights PRETORIA, China, Africa, Brazil, Russia, India, South, Pretoria, St Petersburg, Comoros

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