African and Chinese firms sign cooperation agreements worth $17bn
Friday, 29 July 2016 17:04
On July 28, 2016, Chinese and African firms signed cooperation agreements worth about $17 billion, during the Johannesburg Summit which took place under the recent Forum for China-Africa Cooperation (FOCAC).
Financial institutions namely the China Council for the promotion of International Trade (CCPIT) and these firms signed intention letters regarding 39 projects, in the infrastructure, information technologies and pharmaceutical industries, revealed Chinese official agency Xinhua.
In 2015, while taking part to a summit in South Africa, Chinese President Xi Jingping announced close to $60 billion of commitments from his country towards Africa. However, it is too early to know if the newly signed agreements will be part of this commitment. Chinese authorities take it dearly as they promised to respect it, despite the various economic challenges that the country has been facing since mid-2015.
Idriss Linge
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