The just ended China-Africa summit concluded with Xi promising Africa $50 billion over the next 3 years. The funding will go towards, military training, investments and credit line.
Breakdown
as follows;
$30 billion
as line of credit.
$10
Billion, support to Chinese companies’ investments in Africa
$ 11
billion, “various assistance”
On a separate
note, China said it would grant 1 billion yuan in military assistance to Africa
that will help train 6,000 military personnel and another 1,000 police officers
and law enforcement officers.
Xi also
confirmed that China will also unilaterally exempt import tariffs for products
from 33 African countries deemed as least developed economies, as well as
expanding market access to African countries.
Despite Chinese economy slumping down but this shows how China,
the second biggest economy is desperate to hold unto Africa geopolitical influence.
This is to an addition of China’s massive infrastructure support and
development over the past decade in Africa. Over the coming months we will
learn as to which countries got the biggest share of bilateral funding.
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