China’s investment in Africa rose to $2.96bn in 2020 despite the impact of the COVID-19 pandemic on economies globally.
This was contained in a statement titled ‘China-Africa economic relations continue to thrive during the pandemic’ by China’s Consul General in Lagos, Chu Maoming, obtained on Monday.
It stated that, “Facts and figures show that investment cooperation is a strong engine for the qualitative upgrading of the practical cooperation between China and African nations.
“China is one of the largest investors in Africa. Despite the negative impact of COVID-19, China’s investment in Africa climbed from 2.71bn US dollars in 2019 to 2.96bn US dollars in 2020.”
He said that the achievements brought the hope of economic recovery against the pandemic, adding that China’s investment in Africa also presented a qualitative leap which would make great contributions to the industrialization and employment in Africa.
He said, “Though Chinese companies are newcomers investing in Africa, they are shifting from going to Africa to rooting in Africa.”
He revealed that China had signed debt service suspension agreements with, and reduced the interest-free loans for many African countries, so as to relieve Africa of debt and to help its economic recovery in the process.
He said China and Africa’s togetherness during the pandemic showed their determination to build a closer China-Africa community with a shared future and a living proof of the importance of unity during global challenges.