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Chinese President Xi Jinping on Monday pledged $60 billion in financing for projects in Africa in the form of assistance, investment and loans, as China furthers efforts to link the continent's economic prospects to its own.

A September 1, 2018 dispatch from Beijing China where President George Weah is now attending the 2018 Beijing Summit on China-Africa Cooperation says President Weah and Chinese President Xi Jinping have signed two cooperation agreements totaling US$54 million (320 million RMB) for the construction of two overpasses at SKD Boulevard and the Ministerial Complex, while the other is the provision of emergency food aid.

"Given the complex and changing worldwide situation and the development of individual countries, China-Africa wisdom and solutions that can be helpful to global governance are expected from the summit", Li Dan said.

"It is not a China club", Mr Xi said in a speech on Monday to mark the project's anniversary, describing Belt and Road as an "open and inclusive" project.

She praised China's spectacular growth into the world's second largest economy, valued at approximately $14trn.

In addition, ministers reviewed and adopted the Beijing Declaration themed "China and Africa: Toward an even stronger community with a shared future".

Xi made no mention of the political and debt concerns that overshadow some BRI projects.




"Western media deliberately portray Africans in misery for collaborating with China and they appear to have discovered big news by finding occasional complaints in the African media about Sino-Africa cooperation", it said.

The summit is also expected to strengthen the cooperation between China and Africa to a high level with the adoption of the Beijing Declaration and the Beijing Action Plan.

"Established 18 years ago, FOCAC has led global cooperation with Africa and has become a significant marker of South-South cooperation", said Li Dan, director of Africa Studies Center of China Foreign Affairs University.

Xi's announcement followed China's decision to contribute $60 billion in investments three years ago, the news agency reported.

"China's cooperation with Africa is clearly targeted at the major bottlenecks to development". Trade between Africa and China in 2014 was at $220 billion. Furthermore, an increase of $5bn would be added to the China-Africa Development Fund and Special Loans for the Development of Africa. That has provided lucrative opportunities for Chinese businesses, while African nations are often happy to accept China's offers that come without demands for safeguards against corruption, waste and environmental damage. More than 180 major Chinese enterprises and thousands of small and medium enterprises have been established in the country.

This is third-time China is hosting its Africa summit.

Locals in other countries have complained about the practice of using Chinese labour for building projects and what are perceived as sweetheart deals for Chinese companies.


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