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China promises $ 10 billion line of credit and Covid vaccines to Africa

 


China will also build 10 health projects in Africa and send 1,500 health experts, said Xi Jinping

Chinese President Xi Jinping said on Monday that a China-Africa Center would be set up to provide African financial institutions with a $ 10 billion line of credit.

In a speech at the China-Africa Cooperation Forum, Xi also pledged to deliver an additional 1 billion doses of Covid vaccines to Africa in a bid to encourage Chinese companies to invest in the continent, Reuters reported.

China has already provided 200 doses to Africa, where less than 50 percent of the population is fully vaccinated amid growing concern over the spread of the new omicron Covid variant first identified in South Africa.

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Of the 10 billion doses, Xi noted that 600 million would be donations, while 400 million would be provided through other means such as joint production involving African and Chinese companies.

China will also build 10 health projects in Africa and send 1,500 health experts, Xi added.

The $ 10 billion line of credit will support African exports, create a trade and economic cooperation zone, and create a China-Africa industrial park.

Xis’ announcement comes as China comes under fire for infrastructure-versus-commodity deals that some say benefit countries with unsustainable debt.

The Democratic Republic of the Congo is currently reviewing a $ 6 billion deal with Chinese investors, fearing it may not also be beneficial to the African country.

China’s Belt and Road Initiative – in which Chinese institutions fund major infrastructure around the world – is slowing down.

According to Reuters, Chinese bank financing for infrastructure projects in Africa increased from $ 11 billion in 2017 to $ 3.3 billion in 2020.

Over the next three years, Xi said Chinese imports from Africa will reach $ 300 billion due to growing cooperation between the two sides.

Sources

1/ https://Google.com/

2/ https://www.i24news.tv/en/news/international/1638214478-china-pledges-10b-credit-line-1b-covid-vaccines-to-africa

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