China pledges to support Africa with Sh6Trn investment on development

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Addressing businesspeople prior to the formal opening of the Forum on China-Africa Cooperation, Xi said the "Belt and Road" initiative will expand markets. Over the past five years, there were more than 100 activities on cultural exchanges and 200 cultural cooperation projects.

China will carry out 50 projects on green development and environmental protection in Africa, focusing on fighting climate change, desertification and wildlife protection, Xi said.

Through the scheme, China has lent billions of dollars to countries in Asia and Africa for roads, railways, ports and other major construction projects.

He highlighted the Liberian government's firm position on the One-China Policy, and said his government is willing to increase exchanges at all levels, emphasizing that the two countries should continue to show mutual understanding and support each other on issues involving their respective core interests and major concerns.

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.

Djibouti has become heavily dependent on Chinese financing after China opened its first overseas military base in the Horn of Africa country previous year, a powerful signal of the continent's strategic importance to Beijing.

For financing, China will nudge African countries to tap new multilateral lenders such as the Asian Infrastructure Investment Bank (AIIB), the New Development Bank (NDB) of the emerging economies, as well as the Silk Road Fund marshalled by China.

The summit will link the Belt and Road Initiative with the United Nations 2030 Agenda for Sustainable Development, the African Union's Agenda 2063 and individual countries' development plans to explore new territory for Africa's revival.

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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.

In July 2001, a FOCAC ministerial consultation meeting was held in Lusaka, capital of Zambia, at which the Procedures for Follow-up Mechanisms of FOCAC were deliberated and adopted.

The summit will conclude with the signing of a declaration and an action plan, providing guidelines for China-Africa cooperation for the next three years.

Xi Jinping has announced eight new initiatives, an additional $60 billion for Africa and a clean up of the debt maturing by this year of its LDCs, highly indebted, landlocked and Small Islands States. "What we value is the sharing of development experience and the support we can offer to Africa's national rejuvenation and prosperity", Xi said.

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 rapid growth in Sino-African trade made China Africa's largest trading partner, he said.

The country meant to bring 200 young Africans to China for a skills exchange programme.

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