China’s Xi promises another billion vaccine doses for Africa

China promised to deliver another 1 billion doses of vaccines to Africa. Moreover, China is encouraging their local companies to invest in the continent. On Monday, President Xi Jinping said that companies in China should invest no less than $10 billion over the next three years to develop Africa.

The country has already provided Africa with approximately 200 doses. After identifying the new Omicron variant in southern Africa, vaccination rates started to fall in the region. This is because of growing concern over the spread of the virus.

Promises from China

Xi said that the country would donate 600 million doses and 400 million doses through other means such as joint production between China and several African countries. He added that China would also send 1,500 health experts and build ten health projects in Africa.

In a speech at the opening of the Forum on China-Africa Cooperation, President said a yuan center would provide African financial institutions with a credit limit of $10 billion. He said it without giving further details.

He said that China would provide trade finance of $10 billion to support African exports while building a China-Africa industrial park and creating a trade and economic cooperation zone.

According to a report by international law company Baker McKenzie, the Belt and Road Initiative has slowed. Chinese bank financing for infrastructure projects in Africa dropped.

During a four-nation tour of the region last week, Antony Blinken, U.S. Secretary of State, said that the idea from Washington was to push for cleaner deals instead of unsustainable debts.

Xi said that China’s imports from Africa would reach $350 billion in the next several years. He added that the two sides would cooperate in digital innovation, health, trade promotion, and green development.

South Africa’s President Cyril Ramaphosa thanked the president of China for its support.