Categories: Business and Banking

China to invest N2.16trn in Africa in three years

The Chinese Government has expressed readiness to invest N2.16 trillion ($60 billion) in Africa in the next three years.

The Consul-General of the People’s Republic of China in Lagos, Mr Chao Xiaoliang disclosed this in a post-summit article entitled, “FOCAC Beijing Summit: A New Milestone in China-Africa Relations”.

Chao said the new investment drive was one of the outcomes of the just concluded summit of the Forum on China-Africa Cooperation(FOCAC).

He said China would also in the next three collaborate with African
countries in industrial promotion, infrastructure connectivity, trade
facilitation, green development, capacity building, healthcare,
people-to-people, peace and security.

“President Xi Jinping has announced that China will launch eight major initiatives in close collaboration with African countries in the next three years.

“The eight initiatives are in areas of industrial promotion,
infrastructure connectivity, trade facilitation, green development,
capacity building, health care, people-to-people, peace and security.

“To make sure these eight initiatives are implemented, China will extend 60 billion U.S. dollars (N2.16 trillion) financing to Africa in different forms which includes 15 billion U.S. dollars (N5.4 trillion) grants, interest-free loans and concessional loans.

“China will also encourage Chinese companies to invest more than 10
billion U.S. dollars (N3.6 trillion) in Africa in the coming three years,’’ he said.

According to him, China and African countries are destined to be good
friends, good brothers and good partners.
Chao said that the Chinese government had also planned to set up ten
Luban vocational workshops and an China-Africa innovation cooperation centres for youth innovation and entrepreneurship in Africa.

“There will also be a tailor-made programme to train 1000 Africans, as well as offer of 50,000 government scholarships to Africans.

“There will also be training opportunities for 50, 000 Africans through workshops and seminars and 2000 exchange opportunities for African youth,’’ he said.

Chao said the Summit was attended by President Muhammadu Buhari, 49 other Heads of State and Government, African Union (AU) Commission’s Chairperson and more than 240 Ministerial representatives from 53 African countries.

The consul-general said the meeting between Presidents Xi Jinping
and Muhammadu Buhari at the summit, ended with the signing of more bilateral cooperation agreements between China and Nigeria.

He added: “We are confident that the FOCAC Beijing Summit and the meeting between the two Presidents will bring new opportunities for the comprehensive development of China-Nigeria strategic partnership.

“FOCAC Beijing Summit has set a new milestone for China-Africa
relations. China with Nigeria and other African countries are ready to
join hands to build a China-Africa community.

“A community with a shared future that features joint responsibility,
win-win cooperation, happiness for all, common cultural prosperity,
common security, and harmonious co-existence.’’

China to invest N2.16trn in Africa in three years was last modified: September 6th, 2018 by Francis Belux
Francis Belux

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