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China lists 10 Action-Plan to fight poverty, grow Nigerian business, others

China’s Deputy Director General of Department on Africa Affairs, in the Ministry of Finance, Ambassador Dai Bing has given hints on emerging new 10 Action-Plan for the development of Africa.

Areas where the development assistance will feature include Industrialisation; agriculture modernisation; infrastructure; financial services; development; trade and investment facilities (which will centre mostly on promotion of African trade in China); poverty alleviation (Dai made reference to China’s poverty alleviation programme, which he said has already taken 730 million people out of poverty, with only 50 poor people remaining.

He also added that China hopes to get rid of poverty in five years and hopes to share its experience in poverty alleviation with Nigeria.

On public health, Dai said China has good medication for malaria eradication, which Nigeria can benefit from. Other areas Africa will get Chinese aid are peace and security.

According to Dai, the assistance will be channeled through the Forum of China and Africa Cooperation (FOCAC).

Dai also noted that the 10 action plan is closely linked with Africa’s 2063 development agenda which Nigeria has already keyed into.

Business Hilights recalls that the deal for the cooperation had been sealed at a summit in Johannesburg, South Africa, in 2015.

The China’s Deputy Director General of Department on Africa Affairs, in the Ministry of Finance, Ambassador added that “At the summit, our President, Xi Jinping announced the 10 point agenda mission plan between China and Africa. And this 10 point cooperation plan has closed relations with your agenda 2063. Frankly speaking, I am one of the main….. of the 2063 agenda. “We have started deeply on the 2063 agenda. We know the priority and the directions of the African continent.

“So, in our cooperation plan, the priority is industralisation and agriculture and these are also the priority of the African continent. And, the Chinese government also promised $ 60 billion, as supporting fund, for our cooperation. I have to say that this $60 billion funding support is not only the cash. So, in this $60 billion, only $5 billion is used for non -interest loans; or $8 billion for the next three years.

“They are based on an all -beneficial principle, to help African countries promote their living standards and capability-building.  And, the other $35 billion is a beneficial loan…with $20 billion as capital. All the money will be invested in programmed and they will be based on profits and sustainable development of many years of improvement of infrastructure and assistance in Africa; to help improve their business environment…

“The aim for this cooperation is the social and economical efficiency of the project and the sustainability of the project. That is from the long term of our cooperation and we are here to learn two principles; the first principle is that any country which wishes to absorb any foreign investment must have sound funds and complete laws and regulations and fair environment for law enforcement which would ensure that investors feel safe.

“It must have beneficial/proficient policies to ensure investors feel pleased to make profit. It must have light efficient and practical one-stop government services to make investors feel comfortable…”

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