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Wang Yi: China Honors Its Commitments to Actively Advance Cooperation with Africa

2022-08-18 23:55

On August 18, 2022, State Councilor and Foreign Minister Wang Yi chaired the Coordinators' Meeting on the Implementation of the Follow-up Actions of the Eighth Ministerial Conference of the Forum on China-Africa Cooperation (FOCAC) in Beijing via video link.

Wang Yi said China is making steady progress in implementing all the pledges it made at the Eighth FOCAC Ministerial Conference, despite various difficulties and disturbances. Over the past half a year, over 3 billion out of the 10 billion US dollars of credit facilities pledged to African financial institutions has been delivered, and nearly 2.5 billion US dollars of loans has been channeled to Africa's priority programs. More than 2 billion of the 10 billion US dollars of trade finance has been allocated, and China's import of African goods in 7 months has reached 70.6 billion US dollars. So far this year, China has signed with 12 African countries exchanges of letters on zero tariff for 98 percent of their export items to China. Chinese companies have invested additional 2.17 billion US dollars in Africa. The Chinese side is prepared to re-channel, through the International Monetary Fund (IMF)'s Poverty Reduction and Growth Trust and Resilience and Sustainability Trust, 10 billion US dollars of its Special Drawing Rights to Africa, and will encourage the IMF to direct China's contributions to Africa. China has completed several major projects since the Eighth FOCAC Ministerial Conference, including the Foundiougne Bridge in Senegal, the Nairobi Expressway, the Kribi-Lolabe Highway in Cameroon, and the 10th of Ramadan LRT in Egypt. All these have given a strong boost to Africa's industrialization process.

Wang Yi stressed that China's efforts to advance cooperation with Africa are entirely based on Africa's needs. China does not seek spheres of influence or engage in geopolitical contests, nor does it pursue self-interests. China wishes to help African countries, through China-Africa cooperation, to enhance capacity for independent development and improve people's livelihoods.

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