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Nigeria Gets $328 Million Loan From China To Boost ICT Sector

Nigeria Gets $328 Million Loan From China To Boost ICT Sector

The Forum for Africa-China Cooperation, FOCAC, summit is a meeting between the two partners and is largely premised on ways to increase diplomatic, economic and bilateral ties.

The most fundamental principle of multilateralism is to address worldwide issues through consultation in accordance with the collectively agreed rules, with each country's interests and concerns taken into consideration, Xi said.

The invitation for a State Visit extended by President Xi Jinping is a reciprocal gesture after President Ramaphosa hosted President Xi on a State Visit on 24 July 2018, ahead of the BRICS Summit in Johannesburg.

The President will then on Monday join other African leaders at the Forum on China Africa Corporation summit FOCAC in Beijing.

"President Xi Jinping will deliver an important keynote speech, comprehensively expounding on China's new ideas and proposals for enhancing its relations with Africa, announcing China's new actions, and measures for its practical cooperation with Africa", the release said.

At a time when US Foreign Policy is premised on the "America First" slogan, China is emphasising its win-win approach with African countries.

The third agenda is setting a new path for China-Africa Cooperation towards a higher level.

While there are risks that other countries would need to seek funding from the World Bank or the International Monetary Fund if unable to pay back Chinese or other credit, many governments would balk at the strict conditions attached to those loans, observers say.

Noting that China has always firmly supported multilateralism and safeguarded the UN's authority and function, Xi said China expects the United Nations to play its leading role in upholding fairness and justice, safeguarding world peace and promoting common development, especially in deepening global cooperation and in tackling challenges facing the world.

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"Applications for attendance significantly surpassed our expectations", Jiang Zengwei, head of China Council for the Promotion of International Trade, said Friday at a press briefing.

China's resolve in comprehensively deepening reform is unchanged.

And, the China-Africa Fund for Production Capacity Cooperation will be provided with an initial contribution of $10bn.

Scholars from the China-Africa Research Initiative at Johns Hopkins University found that while Chinese loans were not a major contributor to debt distress in Africa, a number of countries were heavy borrowers from Beijing.

Over the past 18 years, achievements have been made in political, economic and people-to-people exchanges between China and Africa.

At a Ministry of Foreign Affairs briefing for Chinese and foreign media, State Councilor and Foreign Minister Wang Yi said the summit, which is to be held from September 3-4, 2018, will be a gathering of Chinese leaders and their African counterparts for the renewal of friendship and discussion of cooperation in future.

China's development, a trend that can not be halted, is of great significance to the cause of world peace and development, he said.

"It would be recalled that President Buhari has consistently acknowledged Chinese support for infrastructure development in Nigeria".


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