Chinese President Xi Jinping told African presidents at the Forum on China-Africa Cooperation (FOCAC) summit in Johannesburg, South Africa, on Friday that his country promises to provide $60 billion in 10 chapters for the development of the African continent.
President Xi stated, “China decides to provide a total of $60 billion of funding support that includes $5 billion of grants in zero interest loans (and) $35 billion in preferential facility and export credit loans and concessional loans.”
Xi, who is co-president of the FOCAC, also indicated that China wanted to set up a relationship of equals with African countries.
The programs included the section of “industrialisation, agricultural modernisation, infrastructure, financial services, green development, trade and investment facilitation, poverty reduction and public welfare, public health, people-to-people exchanges, and peace and security.”
Meanwhile, the Chinese President announced to supply $156 million worth of emergency drought aid for Africa.
"China is greatly concerned about the poor harvest caused by El Nino in many African countries and will provide one billion renminbi yuan ($156 million) worth of emergency food aid to the affected countries," he said.
China brought together several African leaders in the FOCAC summit. This is the second time China has brought African leaders together since the forum was set up in Beijing in 2000.
Xi Jinping also called his officials last month to increase security work outside of the country, especially in Africa.
With the latest developments, China's trade with African countries has now left behind Europe and the United States' trade with Africa.
The African continent has massive underground resources of minerals such as gold, silver and uranium. World powers have continued to pursue opportunities to access these reserves.