Malawi President Peter Mutharika says the country will certainly come victorious in the fight against poverty after the country has been named to be part of African nations to benefit from a $60 billion loan given to nations in the continent from the Chinese Government.
Chinese President Xi Jinping announced the package Friday at the Forum on China-Africa Cooperation (FOCAC) summit in Johannesburg.
Xi also pledged non-interference in regional politics, saying “China strongly believes Africa belongs to the African people and African problems should be handled by the African people.”
Western governments have accused China of ignoring wars and human rights abuses in Africa as it pursues trade and the continent’s raw materials.
Current African Union Chairman and Zimbabwean leader Robert Mugabe hailed the Chinese president, saying he is doing what Africa had expected its former colonizers to do.
In his remarks Mutharika thanked the Chinese government for the gesture while saying that the money Malawi will get will help the nation greatly.
Mutharika recounted that at the meeting, the Malawi ‘reviewed the implementation of various agreements signed since 2006, and outlined the course of action for development of China-Africa relations over the next few years.’.
”China is also a key partner in Malawi’s drive towards industrialization and development in general areas as infrastructure and technical training through our community colleges agenda. Malawi signed a number of agreements with China including a $600 Million pact for the development of the 300 megawatts Kam’mwamba coal-fired power generation plant.”
”Through these kind of agreements, I am very optimistic that Malawi will win the war against poverty soon.” Mutharika wrote on his Facebook page 22 hours ago.
President Xi said China’s package for Africa includes $5 billion in zero-interest loans and $35 billion in preferential financing, export credit loans and concessional loans. He said China aims to develop infrastructure, improve agriculture, and reduce poverty on the continent.
In recent years, China has become Africa’s largest trading partner, with a two-way flow exceeding $220 billion in 2014.
”When the Chinese economy slowed this year, some African countries were hit hard by declining demand for commodities and reduced Chinese investment.” the Voa reported over the weekend.