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Xi’s China-Africa plan

TRIVIUM CHINA

Xi’s speech contained more than lofty rhetoric. He also proposed eight new China-Africa initiatives:

✔an industrial promotion initiative
✔an infrastructure connectivity initiative
✔a trade facilitation initiative
✔a green development initiative
✔a capacity building initiative
✔a health care initiative
✔a people-to-people exchange initiative
✔a peace and security initiative

Xi promised money for all of it:"To make sure that these eight initiatives are implemented on the ground, China will extend US$60 billion of financing to Africa in the form of government assistance as well as investment and financing by financial institutions and companies."

"This will include US$15 billion of grants, interest-free loans and concessional loans, US$20 billion of credit lines, the setting up of a US$10 billion special fund for development financing and a US$5 billion special fund for financing imports from Africa."

And debt-relief for some:“For…Africa's least developed countries, heavily indebted and poor countries, landlocked developing countries and small island developing countries that have diplomatic relations with China,…debt…in the form of interest-free Chinese government loans due to mature by the end of 2018 will be exempted.”

Go deeper: There are more details on the initiatives in Xi’s speech (see link below).

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