FROM EIR DAILY ALERT
China To Invest $60 Billion in Africa, as Xi Aims To ‘Explore a New Path of International Relations’
Sept. 3, 2018 (EIRNS)—The minions of the British Empire are no doubt chewing the rugs today after Chinese President Xi Jinping’s keynote of the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC.) President Xi announced that China would be investing $60 billion in Africa over the next three years, which would include $15 billion of interest-free and concessional loans, $20 billion of credit lines, a $10 billion special fund for development financing, a $5 billion special fund for financing imports from Africa, and encouraging investment by Chinese companies to the tune of $10 billion in Africa.
In his speech, Xi pointed to the long history of cooperation between China and Africa, welcoming the new partnerships with Burkina Faso, Gambia, and São Tomé and Principe. This cooperation was based on the following principles—the five “no’s”: no interference in African countries and pursuit of development paths that fit their national conditions; no interference in African countries’ internal affairs; no imposition of China’s will on African countries; no attachment of political strings to assistance to Africa; and no seeking of selfish political gains in investment and financing cooperation with Africa. “We welcome Africa to the fast train of Chinese development,” Xi said. Central to the cooperation has been the Belt and Road Initiative, which in Africa is in synergy with the African Union’s “Agenda 2063,” which marks the centennial of the official end of colonialism in Africa in 1963.
The Beijing Summit has also served to consolidate the support for China’s Belt and Road Initiative in the face of the hysterical campaign by Western media outlets, characterizing the BRI as a “debt trap” and “a new colonialism,” accusations which were unequivocally rejected by the African leaders, both in the forum and in the numerous media interviews. “No one can deny the achievements of our cooperation. China stands ready to work with other partners to develop Africa,” Xi underlined, and warned that “no one should stand in the way of supporting African development.” He said, “The world is undergoing profound changes and an accelerated transformation in the global governance and the world order.” Further, “There is a surging trend toward multipolarity and cultural diversity,” and with “the rapid rise of developing countries, it will create a greater balance in global power.”
Indeed, the Beijing FOCAC Summit has consolidated a significant force for creating a new form of “global governance” in which the developing countries would play a greater role. In his speech, President Xi had made this objective quite clear. “To meet the challenges of the time, China will make a greater contribution.” We will “explore a new path of international relations” and push forward the
“development of the Belt and Road Initiative. ... China will become more involved in global governance, and will call for the increasing representation and a voice for the developing countries in international affairs, and strengthen the role of the South, which has been a weak link in the system.”
He then laid out the eight major initiatives that China would implement in collaboration with Africa in the coming three years.
- In industrial promotion, China will set up a China-Africa trade expo in China in order to encourage Chinese investment in Africa.
- It will also carry out 50 agricultural assistance programs, provide $147 million in food aid to African countries affected by natural disasters and send 500 agricultural experts to Africa.
- With regard to infrastructure, China together with the African Union will formulate a China-Africa infrastructure cooperation program.
- With regard to trade, China will increase its imports from Africa, in particular non-resources products.
- On green development, China will undertake 50 projects focusing on climate change, ocean, desertification prevention and control, and wildlife protection.
- On capacity building, China will set up 10 workshops in Africa to offer vocational training for young Africans. It will also train 1,000 high-caliber Africans for training in innovation sectors; provide Africa with 50,000 government scholarships; and sponsor seminar and workshop opportunities for 50,000 Africans and invite 2,000 African students to visit China for exchanges.
- In health care, China will upgrade 50 medical and health aid programs for Africa. On people-to-people exchanges, China will set up an institute of African studies and enhance exchanges with Africa on civilization.
- And on peace and security, China will set up a China-Africa peace and security fund and continue providing free military aid to the African Union and will support countries in the Sahel region, and those bordering the Gulf of Aden and the Gulf of Guinea, in upholding security and combatting terrorism in their regions.
