To ensure smooth implementation of the initiatives, Xi announced, China will offer 60 billion USA dollars of funding support, including 5 billion dollars of free aid and interest-free loans, 35 billion dollars of preferential loans and export credit on more favorable terms, 5 billion dollars of additional capital for the China-Africa Development Fund and the Special Loan for the Development of African SMEs each, and a China-Africa production capacity cooperation fund with the initial capital of 10 billion dollars.
Sticking to the Chinese tradition of non-interference in local politics, Mr Xi said yesterday: "China strongly believes Africa belongs to the African people, and African problems should be handled by the African people".
He said the mutually beneficial and respectful ties between Africa and China resonated with the 10-point cooperation plan presented by President Xi Jinping at the opening of the summit of the Forum on China-Africa Cooperation (FOCAC) in Johannesburg on Friday.
The President observed that the Chinese leader’s proposal to establish partnership with Africa based on mutual trust at the political front and a win-win cooperation at the economic front was a step in the right direction.
“President Xi was not just all talk. He put $60 billion on the table to back his important statement,” President Kenyatta said.
He added: “China and Africa have the potential to achieve great things together. So let us do them.”
The Head of State spoke on Saturday during the Johannesburg China-Africa summit.
President Kenyatta said the enhanced cooperation with China is also in line with the African Union’s Agenda 2063 which seeks a peaceful, united and prosperous Africa.
“FOCAC is one of the strategic partnerships identified in Agenda 2063 as a key enabler to achieving the development goals of the African continent,” President Kenyatta said.
The President underscored the need to follow the fundamental principles of economy and build a market that is open and dynamic for the benefit of the people of Africa and China.
“Traction for growth is always found in people. The diversity of people in any country must be harnessed to become an engine, and never a distraction, for powerful growth,” President Kenyatta said.