At the recently concluded Forum on China-Africa Cooperation which was widely attended by African leaders, Xi Jinping promised to extend $60 billion in financing to Africa, a combination of grants, interest-free loans and concessional loans, credit lines, development financing and a fund for financing imports from Africa. The three takeaways from the meeting are one-a Sino-Africa cooperation that delivers real benefits to both China and the continent, two-debt relief with a focus on Africa’s least developed but heavily indebted poor countries and three– a clear push off of the debt trap diplomacy narrative. China and Africa have no disputes with regard to ideology, geopolitics, territory or culture. African countries approve of the Belt and Road initiative, especially its principle of achieving shared growth through discussion and collaboration.
African Union chairman Paul Kagame, hailed China as a trustworthy partner saying the China-Africa partnership has grown and is aligned with the AU’s Agenda 2063. However, an inventory of accusations against China have emerged from America, the world’s biggest economy. Washington bemoaned China’s debt diplomacy as shutting out opportunities for US businesses by setting out technical specifications for projects like high-speed railways and wireless networks in a manner believed entirely favoured Chinese firms. The accusations are seen as reflecting the panic mode gripping Washington as it loses grip on the continent to its economic rival or is it.
Well, join us tonight at 20:00 CAT on African Perspectives as we discuss the Beneficiation of the Afri-Sino Relationship.