Is China Africa’s Father Christmas? – Punch Newspapers

Henry Boyo

The Presidents of African countries converged on Beijing last week for the 2018 Summit of the Forum on China-Africa Cooperation. President Muhammadu Buhari’s delegation included at least four state governors and seven federal ministers.

The highpoint of the summit was the Chinese President, Xi Jinping’s “promise” to provide fresh “assistance” of $60bn to finance infrastructure in Africa. This amount, according to Xi Jinping, would comprise $15bn of grants, interest-free and concessional loans, plus another $20bn of new credit lines. Furthermore, $10bn would be provided as special fund for development financing, while $5bn would similarly be advanced for financing imports from Africa. In addition, Chinese companies would invest at least $10bn in Africa within three…

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