China’s Xi says African investments come with ‘no strings’

Uhuru in China for trade talks days after hosting UK PM Theresa May

Jiang said China-Africa cooperation on industrialization, trade, and infrastructure will be the major topic during the meeting. 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.

It is a vision of an integrated, prosperous and peaceful Africa, driven by its own citizens and representing a dynamic force in the worldwide arena.

China is investing billions of dollars in aid and projects, making Africa the most focused destination under the BRI.

NAIJ.com learnt that Buhari and his Chinese host will also witness the signing of the memorandum of understanding on One Belt One Road Initiative (OBOR).

Heads of State from 53 African countries with diplomatic ties with China are expected to attend the summit.

Chinese and African leaders will have close interchanges, create stronger strategic guidance for cooperation as well as add new substance to the community considering new circumstances, which will also contribute to the building of a community with shared future for mankind. China defends continued lending to Africa on the grounds that the continent still needs debt-funded infrastructure development.

Xi said China would set up a China-Africa peace and security fund and continue providing free military aid to the African Union.

Chinese state-owned companies have aggressively pursued large investments across African continent, whose vast resources have helped fuel China's transformation into an economic powerhouse.

Every African country is represented at the business forum apart from eSwatini, self-ruled Taiwan's last African ally that has so far rejected China's overtures to ditch Taipei and recognise Beijing.

The commencement of mining, he said, was significant to the people in the town as the new project implies more business opportunities for residents.

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

The Forum on China-Africa Cooperation brings together leaders from China and more than 50 African countries.

South African president Cyril Ramaphosa is now on a visit to China.

"We are ready to make a greater contribution to support cultural diversity in the world", he said, citing as a target exchange programme in culture, arts, education sports, think tanks and media, focusing on young people to strengthen the bond between the people of China and Africa. "What we value is the sharing of development experience and the support we can offer to Africa's national rejuvenation and prosperity", Xi said.

This year marks the fifth anniversary of the China-proposed Belt and Road Initiative, with more African countries expressing their interest in joining the grand project.

China would be happy to help Africa upgrade its customs and commodities inspection facilities and provide supplies and equipment to improve trade connectivity with the continent, the Chinese leader added.

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