China says it will roll out 80 major assistance projects to encourage Chinese businesses to invest no less than $10 billion in Africa within the next three years.
The projects are intended to reach $300 billion in total imports from Africa in the next three years, President Jinping Xi announced this when he addressed a virtual meeting of the 8th Ministerial Conference of the Forum on China-Africa Cooperation (FOCAC) on November, 29.
A statement issued by Mr Wang Yi, State Councilor and Foreign Minister of the People’s Republic of China, and shared with the Ghana News Agency, in Accra, on Thursday said China would also provide credit facilities and trade finance for Africa as well as support the development of the African Continental Free Trade Area (AfCFTA).
“These concrete measures meet African countries’ most pressing development needs, dovetail with China’s new development paradigm, and comply with the general trend of international development cooperation,” Mr Xi said.
Given the new dynamics in the post-COVID era and global development, it had become a strong consensus between China and Africa to upgrade their cooperation, he emphasised.
It was also essential to open new prospects of China-Africa cooperation, expand trade and investment, share experience on poverty reduction, and strengthen cooperation on digital economy.
Report: Miss Sabina