Uhuru Leaves to Attend China-Africa Forum in Beijing

03 September, 2018, 21:24 | Author: Kevin Carter
  • Government officials bid farewell to President Uhuru Kenyatta at JKIA as he departs for Beijing on Friday

The presidential aide said that President Muhammadu Buhari, who arrived Beijing, China, on Saturday, would join his Chinese counterpart, Xi Jinping to witness the signing of the agreement.

Details were vague but the $60 billion included $15 billion in grants, interest-free loans and concessional loans, $20 billion in credit lines, and a $10 billion special fund for development financing.

China will this week host a forum where development projects for the next three years will be discussed.

Cheng said huge potential also existed for more agricultural imports from Africa. He announced a $60 billion funding package to African countries, some of which is yet to be fully implemented.

Last year, 628,000 African tourists visited China, 4.4 per cent more than 2016, while over a million Chinese travelled to Africa.

FOCAC should "work to balance the structure of trade between Africa and China", he said.

Established 18 years ago, FOCAC has achieved fruitful results and has become a significant mark of China-Africa cooperation. Foreign direct investment has grown even faster over the past decade, at about 40 percent a year, it found.

However, critics say Xi's project is burying some countries under mountains of debt. "We hope the ICC can prudently handle the relevant issue", Foreign Ministry spokeswoman Hua Chunying told reporters. "Resources for our cooperation are not to be spent on any vanity projects, but in places where they count the most". At that event, China pledged support to Africa's development.

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Analysts have raised concerns about African countries, many of which are subject to the whims of commodity markets, not being able to repay Chinese loans.

He pledged, without giving details, that China would set up a peace and security fund and a related forum, while continuing to provide free military assistance to the African Union.

President Kenyatta's discussions are also expected to advance Kenya's shift away from pure debt financing with new emphasis being placed on Private Public Partnerships and the need to explore innovative off-balance sheet financing for the country's infrastructure needs.

He said the forum "refutes the view that a new colonialism is taking hold in Africa as our detractors would have us believe" because there was evidence of "tangible and lasting benefits to the African and Chinese people".

"The reality is that Chinese debt as a percentage of total African debt is still relatively small", said Kenny Fihla, Standard Bank's chief executive for corporate banking.

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. Since independence, no country has helped our country on infrastructural development like the Chinese.

These African leaders will be treated like kings, fed plenty Chinese curry, alcohol and given all sorts of toys and tokens while the Chinese looks at their begging bowls and how to further suffocate them with debt.

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