Positive developments have emerged from the Forum on China-Africa Cooperation (FOCAC), as Chinese President Xi Jinping announced that Malawi, along with other African nations, will benefit from China’s financial backing in key technical sectors, with a pledge exceeding RMB 360 billion yuan (approximately $51 billion) over the next three years. President Xi made this statement during his keynote address at the official opening of the 2024 FOCAC Summit, attended by Malawian President Dr. Lazarus McCarthy Chakwera.
In his address, Xi emphasized China’s commitment to working alongside African countries to implement ten strategic partnership initiatives aimed at advancing modernization. These actions will strengthen China-Africa cooperation and drive the Global South’s modernization agenda, focusing on areas such as cultural exchange, economic prosperity, industrial collaboration, infrastructure development, health, agriculture, sustainable livelihoods, green growth, and shared security.
“To implement the ten partnership actions, the Chinese government will provide RMB360 billion yuan of financial support through the next three years. This breaks down into RMB210 billion yuan of credit line, RMB80 billion yuan of assistance in various forms, and at least RMB70 billion yuan of investment in Africa by Chinese companies.
Xi Jinping also announced that China would encourage and support African nations in issuing panda bonds in China, further enhancing practical cooperation across all sectors. Malawi’s President Chakwera, who is leading his country’s delegation at the FOCAC Summit, has already expressed interest in capitalizing on this new strategic partnership with China to secure development opportunities and financial backing for Malawi.
Notably, Malawi has already secured K50 billion in funding to construct the Judicial Complex in Lilongwe. Additionally, President Chakwera is making headway through bilateral talks with various Chinese companies and officials, aimed at securing further positive outcomes.
Xi Jinping reaffirmed his commitment to Africa, stating that no African country should be left behind in the shared journey toward modernization.
Said Xi Jinping: As an African proverb goes, a friend is someone you share the path with. On the path to modernization, no one, and no country, should be left behind. Let us rally the more than 2.8 billion Chinese and African people into a powerful force on our shared path toward modernization, promote modernization of the Global South with China-Africa modernization, and write a new magnificent chapter of development in human history. Let us join hands to bring about a bright future of peace, security, prosperity and progress for our world”.
The opening session was also attended by prominent global leaders, including Mohamed Ould Cheikh El Ghazouani, Chairperson of the African Union (AU), António Guterres, Secretary General of the United Nations, and Moussa Faki Mahamat, Chairperson of the AU Commission, along with heads of state and government from various African nations.
Established in 2000, FOCAC has played a pivotal role in Africa’s development, delivering concrete results that have significantly contributed to the continent’s progress. Through its initiatives, FOCAC continues to support African nations in their efforts to uplift their people and drive transformative growth.
