How Buhari, Amaechi, Okorocha, others were received in China

How Buhari, Amaechi, Okorocha, others were received in China

How Buhari, Amaechi, Okorocha, others were received in China

The president was speaking at the Forum on China Africa Trade relations in Beijing on Monday afternoon. The initiative involves hundreds of projects, majority built by Chinese contractors and financed by loans from Chinese state-owned banks, across an arc of 65 countries from the South Pacific through Asia to Africa and the Middle East.

"Established 18 years ago, FOCAC has led global cooperation with Africa and has become a significant marker of South-South cooperation", said Li Dan, director of Africa Studies Center of China Foreign Affairs University.

The Chinese projects in Africa include the Ethiopia-Djibouti railway and Kenya's standard gauge railway from Mombasa to Nairobi. China-Africa trade volume amounted to 170 billion USA dollars in 2017, up from just over 10 billion dollars in 2000, according to data from China's Ministry of Commerce.

Later, at the start of the Forum on China-Africa Cooperation (FOCAC), Xi announced $60 billion in funds for eight initiatives over the next three years, in areas ranging from industrial promotion, infrastructure construction and scholarships for young Africans.

Last week was a busy moment for African heads of state and government as they received representatives of former colonial masters Britain and Germany who wanted to boost trade and diplomatic presence in the continent.

Africa is growing in strategic importance for China, with the People's Liberation Army opening its first overseas naval base in Djibouti previous year.

Also, Minister of Industry, Trade and Investment Okechukwu Enelamah, Minister of Budget and National Planning Udoma Udo Udoma, Minister of Water Resource Suleiman Adamu, Minister of State, Petroleum Resources Ibe Kachikwu and Minister of State, Aviation Hadi Sirika, are in China for the summit.

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Breaking down the $60 billion China pledged to extend, Xi said $15 billion of those funds would be for aid, interest free and concessional loans, $20 billion would be set aside for as a new credit line, $10 billion for China-Africa development and five billion for imports.

Addressing trade imbalances between China and Africa, Ramaphosa dismissed views that the partnership amounted to a new form of colonialism.

Multi-billiion dollar agreements entered between South Africa and China will enable economic growth and educational opportunities, among other benefits, President Cyril Ramaphosa's office said on Monday.

At the turn of the Millennium, on the proposal of African countries, a ministerial meeting of FOCAC was held in Beijing.

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He said that limits the ability of African countries to get the full value out of their natural resources and create work for their people.

China has doubled its financial aid and investment pledges to Africa and promised to waive the debt of the continent's least-developed nations as Beijing seeks to extend its economic and political reach in the region. "We hope the ICC can prudently handle the relevant issue", Foreign Ministry spokeswoman Hua Chunying told reporters. Once signed, the deal would be the first of its kind between China and an African country.

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