President Kenyatta arrives in Beijing to attend China-Africa Summit

President Kenyatta arrives in Beijing to attend China-Africa Summit

Jiang said China-Africa cooperation on industrialization, trade, and infrastructure will be the major topic during the meeting.

Jeremy Stevens, worldwide economist for the Standard Bank Group, said many felt it would not be "politically appropriate" to pledge huge loans given concern that Africa is becoming overloaded with Chinese debt.

His Senior Special Assistant on Media and publicity, Garba Shehu, said yesterday that the loan is for the "development of NICTIB 11 project which is consistent with the current administration's commitment to incorporating the development of ICT into national strategic planning under the National Economic Recovery and Growth Plan (ERGP)".

China has pledged a $60 billion fund to bolster industry, counter hunger, and enhance security in Africa, a continent that has been chronically plagued by piracy and terrorism.

African leaders and the chairman of the African Union (AU) will be in attendance, and the United Nations (UN) Secretary-General will be the esteemed guest, joined by 27 global and African groups as observers.

Ahead of the presidential address, Chinese officials had cited a 2017 study by McKinsey, a USA consulting firm, which had spotlighted that China has become Africa's most important and unrivalled economic partner.

Nations across Africa are hoping that China's enthusiasm for infrastructure investment will help promote industrialization on the continent.

His new offer to Africa included an exemption on debt owed to the country by African states that was due to expire this year.

Every African country is represented at the business forum apart from eSwatini, self-ruled Taiwan's last African ally that has so far rejected China's overtures to ditch Taipei and recognise Beijing.

England vs India, 4th Test
Left handed opening batsman and former captain Alstair Cook was expected to take break for the birth of his third child. The hosts had dominated India in the first two Tests (31-run win at Edgbaston, innings and 159 runs at Lord's).

President Cyril Ramaphosa used his opening address at the FOCAC summit in Beijing on Monday to champion Africa's call for fair trade between the continent and the world's second-largest economy.

"As it is, nearly all African countries have loans or grants from China, so it would make economic sense to repay in yuan", said MEFMI spokesperson Gladys Siwela-Jadagu.

China has been Africa's biggest trading partner for the last nine years, with trade volume growing 14 per cent to US$170 billion last year.

Dr Moyo is head of a delegation which was attending the Seventh Ministerial Conference of the Forum on China-Africa Cooperation (Focac) which ended here yesterday.

Speaking earlier at a business forum, Xi said China had to be careful about where money was spent.

"The reality is that Chinese debt as a percentage of total African debt is still relatively small", said Kenny Fihla, Standard Bank's chief executive for corporate banking.

Besides energy, Zimbabwe and China are cooperating in various other sectors.

As Chinese manufacturers move to making higher-value products, "the slack that is produced as a effect can be taken up by African economies", according to Tshabalala. Deeply indebted Pakistan is also reportedly reconsidering some projects in the multi-billion dollar China-Pakistan Economic Corridor that is a key link in the BRI.

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