China to fulfil $60bn African investment pledge in spite of economic slowdown

China’s economic slowdown will not affect its promise to invest $60 billion into development projects in African, said Beijing’s ambassador to Ethiopia.

Li Yifan told Reuters News Agency that Africa stands to benefit as Chinese companies searched for investments while their own economy adjusts.

China’s economy grew by 6.9 percent in 2015, its slowest pace in a quarter of a century.

I can share with you that the relevant government departments, development banks, and insurance companies in China are engaging ... their African counterparts on how to make this grand plan come (to fruition).

Li said “in spite of all the doubts, I can share with you that the relevant government departments, development banks, and insurance companies in China are engaging … their African counterparts on how to make this grand plan come (to fruition).”

'China's $60 billion Africa pledge not threatened by slowdown' https://t.co/bhXYIuR4Fr via dna

— Chinese Studies (CCS_STELL) March 18, 2016

“You are going to wait and see gradual materialisation of this cooperative framework laid down by the Chinese and African leaders in Johannesburg,” he added.

Chinese President Xi Jinping announced the multi-billion dollar development initiative at a summit in South Africa last year, saying it would boost agriculture, build roads, ports and railways and cancel some debt.

President Xi also promised to provide assistance to help upgrade healthcare facilities on the continent as well as train hundreds of journalists and provide satellite reception in 10,000 African villages.

China Set To Invest $60 Billion in Africa Over the Next 3 Years – Financial Juneteenth https://t.co/1s07IaQOZX

— O² King Karma ✈✈✈ (@iAmKingKarma01) January 27, 2016

As the Chinese economy strives to bounce back, Li said “all those major industries that have powered the explosion of Chinese infrastructure over the past 30 years have to find a place (to invest)” explaining that Africa was the “most ideal” place to invest.