On Thursday 5 September in Beijing, Chinese President Xi Jinping announced a support plan of 360 billion yuan (around €45 billion) over 3 years for African countries, during the Summit of the Forum on China-Africa Cooperation. Half of this amount will be granted in the form of loans, with the aim of creating at least one million jobs on the continent.
“China is ready to deepen cooperation with African countries in industry, agriculture, infrastructure, trade and investment”, he said, according to AFP.
The European Commissioner for International Partnerships, Jutta Urpilainen, reacted to this announcement, stressing the need to ensure the sustainability of investments.
“Africa’s development needs are massive and of course all the resources that go towards industrialisation and job creation are welcome”, she told Agence Europe.
However, the Commissioner considered it “vital that the investments are sustainable in the longer term and benefit local communities”, adding, “They shouldn’t deepen the debt burden, which is the single biggest hindrance to development in Africa and to the strengthening of the strategic autonomy of African countries”. (Original version in French by Bernard Denuit)