China announces $60 billion package to Africa during FOCAC
Chinese President Xi Jinping has announced a 60 billion dollars package to African nations during the Forum on China-Africa Cooperation (FOCAC) held in Johannesburg, South Africa.
The package will benefit Africa in 10 major areas (sectors) such as industry, infrastructure, agriculture, financial services, trade and investment facilitation, green development, poverty reduction and public welfare, public health, peace and security and people-to-people exchanges.
With this package, China is seeking to expand its investments in resource-rich Africa which can help it to absorb its excess manufacturing capacity. It is also consider as part of its efforts to re-engage with the continent and integrate it within its ambitious One Belt and One Road (OBOR) and Maritime Silk Route connectivity framework.
Forum on China-Africa Cooperation (FOCAC): It is the summit in which over 50 African countries are participating. It is also expected to unveil the contours of China’s security partnership with Africa. It would mainly focus on counter-terrorism, peacekeeping and funding to train troops within the framework of the African Union (AU).