President of the Peoples Republic of China, Xi Jinping, says Malawi and other African countries stand to profit from Chinas financial support in various technical areas with over RMB360 billion yuan (about $51 billion) in the next three years.
The president made the remarks in his keynote address during the official opening session of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) on Thursday which President Dr. Lazarus McCarthy Chakwera is attending.
Xi Jinping said China will work with Africa to implement ten partnership actions for modernization to deepen China-Africa cooperation and spearhead the Global South modernization that will comprise mutual learning among civilizations, trade prosperity,industrial chain cooperation, connectivity, development cooperation, health, agriculture and livelihoods, people-to-people exchanges, green development, and common security.
“To implement the ten partnership actions, the Chinese government will provide RMB360 billion yuan of financial support through the next three years. This breaks down into RMB210 billion yuan of credit line, RMB80 billion yuan of assistance in various forms, and at least RMB70 billion yuan of investment in Africa by Chinese companies.
In addition, China will encourage and support Africa in issuing panda bonds in China to enhance our results-oriented cooperation in all areas, said Xi Jinping.
President Chakwera who is leading the Malawi delegation to the FOCAC Summit has already expressed interest to leverage on the new strategic relationship with China by getting a slice of developments and support for Malawi that are on offer from China.
Malawi has already bagged a K50 billion financing support for constructing the Judicial Complex in Lilongwe. More positive outcomes are being consolidated through various side bilateral engagements that the president has and continues to hold with various Chinese companies and officials.
Xi Jinping further reinforced his commitment to Malawi and Africa in general by saying no country in Africa should be left behind in the joint path to modernization.
Said Xi Jinping: As an African proverb goes, a friend is someone you share the path with. On the path to modernization, no one, and no country, should be left behind. Let us rally the more than 2.8 billion Chinese and African people into a powerful force on our shared path toward modernization, promote modernization of the Global South with China-Africa modernization, and write a new magnificent chapter of development in human history. Let us join hands to bring about a bright future of peace, security, prosperity and progress for our world”.
Also in attendance at the opening session were, Mohamed Ould Cheikh El Ghazouani, Chairperson of the African Union (AU), António Guterres, Secretary General of the United Nations, Moussa Faki Mahamat, Chairperson of the AU Commission and other heads of state and government from various African countries.
FOCAC was founded in 2000 and has been one of the key development drivers for Africa providing tangible development results and outcomes transforming African countries in their pursuit of development for the upliftment of their people.
