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China, Africa see sound momentum in financial cooperation

(People's Daily Online)    11:04, June 27, 2019

A coordinators meeting focused on the implementation of the follow-up actions of the Beijing summit of the Forum on China-Africa Cooperation (FOCAC) was held in Beijing on June 24, with the participation of 53 minister-level representatives from African countries and the African Union as well as around 300 representatives from the Chinese side.

During the meeting, China Development Bank, the Export and Import Bank of China, Silk Road Fund, China-Africa Development Fund and other Chinese financial institutions introduced their policies and products to all participants.

Nigeria’s Ambassador to China, Baba Ahmad Jidda, put a high value on FOCAC, saying that China’s concessional loans are well-received by African countries, as they have low-interest rates and no additional political conditions. Both sides can further implement financial cooperation through this platform.

He said that it’s the best time for China-Africa economic and trade cooperation, which has yielded fruitful results in various fields including infrastructure, energy, mineral resources, and agriculture.

To date, the China-Africa Development Fund has signed to invest nearly $5 billion to 36 African countries. Chinese enterprises are expected to invest around $24 billion in Africa.

With a pharmaceutical factory sponsored by Chinese enterprises, Mali can now produce medicines domestically, said Mahamane Maiga, Secretary General of the Ministry of Foreign Affairs and International Cooperation in Mali.

It’s the first modern pharmaceutical factory in Mali and the most advanced one in West Africa, explained Maiga. He praised China for its reasonable resource allocation according to the different needs of countries within the framework of the eight major initiatives discussed at the FOCAC Beijing Summit.

The meeting lasted for more than three hours, during which time African representatives showed enthusiasm for the China-Africa cooperation, noting that collaboration in financing and investment is slowing down globally, but a sound momentum remains between Africa and China.

The African side commended the efforts of China in implementing the fruits of the Beijing Summit, and expressed its hopes that more Chinese financial institutions would cooperate with them and promote the construction of free trade zones in Africa.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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