Chinese President, Xi Jinping announced that they will deliver another round of 1 billion COVID-19 vaccines to Africa and encourage Chinese companies to invest no less than $10 billion in the continent over the next three years.
China in the recent past has already supplied nearly 200 million doses to Africa.
According to Xi, the country will donate 600 million doses and 400 million doses would be provided through other means such as joint production by Chinese companies and relevant African countries. The country also plans to build 10 health projects in Africa and send 1,500 health experts.
The President, at the opening of the Forum on China-Africa Cooperation, mentioned that a China-Africa cross-border yuan centre would be set up to provide African financial institutions with a credit line of $10 billion.
As per reports, the country has also vowed to provide $10 billion of trade finance to support African exports. It is aiming to create a zone for trade and economic cooperation and build a China-Africa industrial park.
The Democratic Republic of Congo is currently reviewing a $6 billion deal with Chinese investors over concerns that it is not sufficiently beneficial to Congo.
According to a report by international law firm Baker McKenzie, the Belt and Road Initiative, in which Chinese institutions finance major infrastructure in mainly developing nations, has slowed. Chinese bank financing for infrastructure projects in Africa has been recorded to fall from $11 billion in 2017 to $3.3 billion in 2020.
According to U.S. Secretary of State Antony Blinken, during a four-nation tour of the region last week, Washington was pushing for cleaner deals without unsustainable debts.
The Chinese President continued to mention that the country’s imports from Africa, one of its key sources of crude oil and minerals, will reach $300 billion in the next three years. Whilst also adding that the two sides would cooperate in areas such as digital innovation, trade promotion, health, and green development.
The South African President Cyril Ramaphosa at the online event thanked China for its support and said that African economies should be able to manufacture COVID-19 vaccines.