Museveni in Beijing for China-Africa meeting

Museveni in Beijing for China-Africa meeting

Museveni in Beijing for China-Africa meeting

Xi announced that Africa's poorest nations would be given interest-free loans from China so that they incur less sovereign debt.

President Muhammadu Buhari on Monday participated in the opening ceremony of the 7th Forum on China-Africa Cooperation (FOCAC) in Beijing, China.

It is expected that the summit will adopt the new Beijing Action Plan (2019 to 2021), which will chart a new course of China-Africa friendship and mutually beneficial cooperation across various fields in the next three years.

"African countries have been positive about the Belt and Road Initiative", Li Dan said. Also promised are US$20 billion in credit lines, a US$10 billion fund for development financing and US$5 billion to finance imports from Africa.

He adds that this was not the only reason why the trip has been a success and why Ramaphosa is in China.

It will speed up the industrialization and modernization of the continent, and push China-Africa cooperation to a higher level, said the Chinese diplomat.

This, however is yet to be fully actualised, even though Kenya and Ethiopia, which have recently launched new railways built with support from Beijing, have seen a strong funding and revamping of their respective railway institutes and curriculum to align them modern railway realities.

"Africa is not a zero-sum game", Kagame said.

China's outreach to Africa aims to build trade, investment and political ties with a continent often seen as overlooked by the US and other Western nations.

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Ramaphosa urged China to focus more on the nature of and quality of its investments in Africa and not just natural resources.

Ramaphosa said the Sino-Africa relationship was "premised on the right of African people to determine their own future [towards] an Africa we want, where the guns would have been silenced and all its people live in peace an security".

The program is part of Xi's broader Belt and Road Initiative, an ambitious $120-billion-plus project that aims to link 65 countries in Europe, Asia and Africa - together accounting for nearly two-thirds of the world's population - through infrastructure projects and trade.

Over the past 18 years, achievements have been made in political, economic and people-to-people exchanges between China and Africa.

In May, African central banks, under the Macroeconomic and Financial Management Institute of Eastern and Southern Africa, (MEFMI) a regional establishment with members including EAC countries supported the introduction of the yuan as a reserve currency. A total of 50 security help programmes would be implemented, ranging from United Nations peacekeeping missions to fighting piracy, he said.

If we bury our heads in the sand and say there are sanctions, we will always remain behind.

Take Sri Lanka, which last year had no choice but to grant China a 99-year lease for a Belt and Road Initiative port, after it failed to attract enough business to make its loan payments. "In West Africa, there has already been state-led efforts to boost soybean production".

A China- Africa environmental cooperation centre will be set up where research on environmental issues will be conducted.

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