FROM BEIJING WITH LOVE: EAST AFRICAN LEADERS RETURN WITH BILLIONS IN FUNDING

President Uhuru Kenyatta and other African heads of state and government arrive for a high level business meeting at the Forum on China-Africa Co-operation 2018 in Beijing.

East African governments went to China with great expectations of funding for their mega-infrastructure projects, and returned with a share of the $60 billion pie given to Africa.

Rwanda, represented at the Forum on China–Africa Cooperation (Focac) by President Paul Kagame, signed a memorandum of understanding with the China-Africa Development Fund (CAD) to accelerate joint ventures between Rwandan and Chinese investors.

The value of the agreement under this deal is still unknown but the Development Fund’s basket is worth $10 billion aimed at facilitating foreign direct investments from China to Africa.

Tanzania

China pledged to give Tanzania $39,295,000, which will go towards security co-operation, industrialisation, mining and agriculture.

Prime Minister Kassim Majaliwa, who represented President John Magufuli at the meeting, said he would convene ministerial meeting of ministers whose portfolios would benefit from the assistance to discuss how to share out the funds.

The Xinhua news agency quoted President Xi as saying his country is willing to deepen the friendly win-win co-operation in various fields with Tanzania to better benefit the two nation.

President Xi said China supports Tanzania’s efforts to safeguard its rights and interests, developing the economy and improving people’s livelihoods, and is willing to strengthen sharing of experience in inter-party exchanges, governance, development and poverty reduction.

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