Tag Archives: 2024 Forum on China-Africa Cooperation (FOCAC) Summit

Politics, Regional

Malawi to benefit from over US$51 billion in China support

Malawi News Agency (MANA)

By Chikondi Chimala

BEIJING-(MANA)-President of the People’s Republic of China, Xi Jinping, says Malawi and other African countries stand to profit from China’s financial support in various technical areas with over RMB360 billion yuan (about $51 billion) in the next three years.

The president made the remarks in his keynote address during the official opening session of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) on Thursday which President Dr. Lazarus McCarthy Chakwera is attending.

Xi Jinping said China will work with Africa to implement ten partnership actions for modernization to deepen China-Africa cooperation and spearhead the Global South modernization that will comprise mutual learning among civilizations, trade prosperity,industrial chain cooperation, connectivity, development cooperation, health, agriculture and livelihoods, people-to-people exchanges, green development, and common 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. In addition, China will encourage and support Africa in issuing panda bonds in China to enhance our results-oriented cooperation in all areas,” said Xi Jinping.

President Chakwera who is leading the Malawi delegation to the FOCAC Summit has already expressed interest to leverage on the new strategic relationship with China by getting a slice of developments and support for Malawi that are on offer from China.

Malawi has already bagged a K50 billion financing support for constructing the Judicial Complex in Lilongwe. More positive outcomes are being consolidated through various side bilateral engagements that the president has and continues to hold with various Chinese companies and officials.

Xi Jinping further reinforced his commitment to Malawi and Africa in general by saying no country in Africa should be left behind in the joint path to 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”.

Also in attendance at the opening session were, Mohamed Ould Cheikh El Ghazouani, Chairperson of the African Union (AU), António Guterres, Secretary General of the United Nations, Moussa Faki Mahamat, Chairperson of the AU Commission and other heads of state and government from various African countries.

FOCAC was founded in 2000 and has been one of the key development drivers for Africa providing tangible development results and outcomes transforming African countries in their pursuit of development for the upliftment of their people.

Business, Malawi, Regional

Chakwera’s China trip bearing fruits: Secures MK50bn for Judicial Complex construction

Lloyd M’bwana

BEIJING-(MaraviPost)-Malawi government and China on Tuesday, September 4, 2024 signed a MK50 billion financing agreement for the construction of the Judicial Complex in Lilongwe.

Minister of Finance and Economic Planning Simplex Chithyola-Banda signed the agreement on behalf of the Malawi government and described the agreement as a fitting gift from the Chinese government to the people of Malawi.

The minister said the grant financing which is worth Chinese RMB 200 million translating to over US$ 30 million (about K50 billion) will aid the transformation of Malawi.

In an interview, Chithyola-Banda said that Chinese President Xi JinPing informed President Dr Lazarus Chakwera about the grant financing of the Judicial Complex during their bilateral meeting at the Great Hall of the People held on Tuesday morning.

“I am happy that I have signed this agreement on behalf of the Malawi government that will see our judicially operate from modern buildings that will house quite many offices including courtrooms which is a positive development.”

“The onus to start work on the Judicial Complex that will be constructed in Lilongwe opposite the Parliament Building is now on my ministry which will work to fastback its operationalization with the stakeholders in China to make sure disbursements are done so that the work can start soon,” said Chithyola Banda.

The Finance Minister also said aside from changing the face of Lilongwe, the project will contribute to the socio-economic development of the country as it will see several Malawians getting employed on the project and others supplying goods and services as well.

Chithyola-Banda said the commitment of the Chinese government to fund the project is a result of focused leadership that has prioritized building good relations with other countries as already seen by the designation of Malawi as a strategic partner by the Chinese Government.

Signing on behalf of the Chinese government was Long Zhou who is the Chinese Ambassador to Malawi who said his government would see to it that the project runs its full course and that the relations between the two countries grow from strength to strength.

The signing agreement took place on the sidelines of the 2024 Forum on China-Africa Cooperation (FOCAC) Summit which is being attended by President Dr Lazarus Chakwera.

The summit will among others focus on building relations and cooperation in supporting Africas industrialization, energy and trade as a priority, talent development, accelerating agricultural modernization, agenda 2063 of the African Union, modernization and mutual learning among civilizations, political, peace, and security cooperation as well as poverty reduction.

FOCAC was instituted in 2000 to foster relations between China and the 53 African nations and the African Union (AU) and is held every six years while the ministers conference is held every three years.