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China promises another $60b for African countries

The Chinese president, Xi Jinping has pledged another $60 billion in aid, investments and loans to African countries. He made the pledge at the ongoing Forum on China-Africa Cooperation (FOCAC) in Beijing. In 2015 China made a similar $60 billion pledge to Africa.

The pledge includes $15 billion of aid, interest free loans and concessional loans, a credit line of $20 billion, a $10 billion special fund for China-Africa development, and $5 billion special fund for exports.

Meanwhile, since the year 2000, African countries have borrowed about $130 billion from China.

Leaders from Africa’s 54 countries are in Beijing for the Forum, and most are expecting to sign various cooperation agreements.

Ghana is reported to have signed eight agreements with the Chinese.

The agreements are the “One belt one road Memorandum of Understanding”, “Memorandum on Regional Aviation Co-operation”, “Agreement for Co-operation in the peaceful use of nuclear energy”, and “Co-operation to carry out Maternal and Child Health Project”.

The rest are “Framework Agreement on Financing Insurance Co-operation” ($2 billion Sino-Hydro deal), “Economic co-operation on Phase 2 project of the University of Health and Allied Sciences, Ho”, “Co-operation on the expansion of the Cape Coast Stadium”, and “Co-operation on the supply of police vehicles to the Ghana Police Service.”

By Emmanuel K. Dogbevi
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