Chinese State Councilor and Foreign Minister Wang Yi said at the Coordinators' meeting on the Implementation of the Outcomes of the Eighth FOCAC Ministerial Conference on August 18 that China is committed to common development with African countries and will cancel 23 interest-free loan debts due to 17 African countries to China by the end of 2021.

Wang Yi said that all the commitments made by China at the Dakar (the Eighth Ministerial Conference of the Forum on China-Africa Cooperation) are being steadily implemented despite difficulties and disturbances.

China's US $10 billion line of credit to African financial institutions has exceeded US $3 billion and China has lent nearly US $2.5 billion to key African projects.

More than US $2 billion of China's US $10 billion trade financing line to Africa has been arranged. In the past seven months, China has imported US $70.6 billion of goods from Africa and Chinese companies have invested US $2.17 billion in Africa.

The Chinese foreign minister also noted that China was ready to lend $10bn in Special Drawing Rights to Africa through the International Monetary Fund's two trust channels and pushed the IMF to direct Chinese funds to Africa.

Interest-free loans

Wang Yi said that China will continue to take the needs of Africa as the starting point of its cooperation with Africa and continue to promote high-quality cooperation under the Belt and Road Initiative.

China will cancel 23 debts owed by 17 African countries due to China by the end of 2021.

China will continue to take an active part in major infrastructure projects in Africa through financing, investment and assistance, and at the same time continue to increase imports from Africa.

The new crown vaccine

On COVID-19 response, Wang Yi said China has provided 189 million doses to 27 African countries, and the annual production capacity of localized cooperative production in Africa is about 400 million doses.

On the issue of maintaining peace and stability in Africa, Wang Yi said that China will continue to support African solutions to African issues, oppose external interference in the internal affairs of African countries, and oppose creating confrontation and conflict in Africa.

China will continue to provide free military assistance to countries in the Sahel, Horn of Africa and Gulf of Guinea, and police supplies to countries in Central Africa and Namibia to support regional countries in enhancing their capacity to independently maintain stability and promote peace.

The Forum on China-Africa Cooperation (FOCAC), established in 2000, is a collective dialogue mechanism between China and African countries in the context of South-South cooperation.

The 7th Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) was held in Beijing from September 3 to 4.

(Credit: Beijing News)