BEIJING: South African President Cyril Ramaphosa lauded Chinese President Xi Jinping’s pledge on Thursday of a $50 billion financial commitment to Africa over the next three years as a “great boon” for the continent.
“I am very positively disposed to the amount of money Xi announced today. I think it will be a great boon to the African continent,” he told a news conference in Beijing during a state visit. During the visit, he also attended the China-Africa forum in Beijing.
Xi Jinping’s pledge includes 360 billion yuan (approximately $50.7 billion) in financial support over the next three years. The allocation comprises more than half of the amount as credit, with additional funds distributed across various types of assistance and investments. Specifically, $11 billion will be allocated to different forms of aid, while $10 billion will be directed towards encouraging Chinese firms to invest in Africa.
Ramaphosa expressed his optimism about the pledge, stating, “I think it will be a great boon to the African continent.” He said that South Africa, as the most industrialized nation in Africa, stands to benefit significantly from this enhanced cooperation with China.
The announcement came at the conclusion of a three-day summit focused on bolstering cooperation in infrastructure, agriculture, mining, trade, and energy. The event highlighted the growing partnership between China and Africa, with numerous agreements secured for expanded collaboration across various sectors.
Ramaphosa addressed the notion that China’s investments could be detrimental. “I don’t necessarily buy into the notion that when China invests, it is with an intention of, in the end, ensuring that those countries end up in a debt trap,” he asserted.
Ramaphosa rejected the view of China’s engagement as oppressive or neocolonial, framing it instead as a mutually beneficial relationship based on respect and mutual development.
Ramaphosa said that Xi Jinping had expressed a desire to see “more goods in China from South Africa,” and had voluntarily opened up the Chinese market to African countries.
