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China commits to spend billions in Africa

China commits to spend billions in Africa

Since December $46 billion in direct Chinese investment and commercial loans having been signed to benefit African countries..

"At present, Chinese aid to Africa makes up only a very little part of our cooperation. ...Investment cooperation has been the main avenue of China-Africa cooperation," Foreign Minister Wang Yi said on July 29. China has given comparatively little in direct aid to African countries, preferring to fund infrastructure projects. 

Freshly inked deals

Wang noted that, on the day before, companies from China and Africa signed 64 agreements worth about $19 billion at a seminar in Beijing on China-Africa business cooperation.

The deals included direct investment and commercial loans worth $16.7 billion, accounting for 85 percent of the total volume, Wang said.

Africa expects $50 billion

After Friday's meeting, Vice-Foreign Minister Zhang Ming said at a news conference that China and Africa have signed at least 243 cooperation agreements of various kinds worth $50.7 billion since the Johannesburg Summit in South Africa in December 2015. 

"Among these agreements, Chinese companies' direct investment and commercial loans to Africa surpass $46 billion, accounting for 91 percent of the total volume," he said.

Loans and credits, not much aid

China’s billions of dollars for Africa are not aid in the traditional sense. Most of the money will come in loans and export credits. Only $5 billion is to arrive as grants and interest-free loans.

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Sources:
China puts $46 billion into Africa's economy
China's Billions In Africa To Help US And ROK

China’s non-direct investment into Ghana up to $44m
China pledged to invest $60 billion in Africa. Here’s what that means.

Billions from Beijing: Africans Divided over Chinese Presence