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Industry and Economic Development in Africa

Lately theres been a lot of converse about Africa and the things that are and have gone done in
Africa. Recently, Chinas president Xi JinPing announced that China would pledge funding support to
Africas development worth $60 billion according to the article China pledges $60 billion in funding
support to Africa written by Jacopo Prisco for CNN news. The article first suggests that analysts
wondered if the pace of Chinese investment in Africa would slow due to the slowing growth of the
Chinese economy and furthermore talks about how this could become a false pledge. China will be
focused on 10 project throughout the next three years and the announcement, however, seems to indicate
the Chinas commitment to the continent of Africa will continue. Further in the Article Prisco suggests
that that China has been ridiculed on Africa for bringing in Chinese state-owned firms and Chinese
workers to complete the projects over the time necessary. Doing so, problems could potentially pop up
internally in China amongst the people that live and work there. Prisco says that the amount given ($60
billion) is almost as twice as large as the $30 billion worth of funding three years back, a huge
improvement. China says that the money will cover several areas in Africa including agriculture,
renewable energy, skills training, health, peace and security, and infrastructure development.
Additionally, the article informs the reader that the program includes $5 billion of free aid and interestfree loans, $35 billion of preferential loans and export credit and $5 billion dollars of additional capital
for the China-Africa Development Fund and the Special Loan for the Development of African SMEs, and
$10 billion of funding for China-Africa production capacity cooperation. Since Africa has been Chinas
largest trade partner for six years in a row the relationship between the continent and the country will
significantly grow if plants fall through correctly.
This article directly relates to our Industrialization unit due to the fact that the money that China
is sending over to Africa is frankly going to be spent on Africas industry and economy. The money
would give Africa a head start in becoming a larger place of industry whereas now it sits far below in the
charts. Africa just needs a spark to the fire started and with Chinas help it will of course complete such a
task over the next decade or so. America should also look into how China is reaching out to other places
around the globe as America isnt doing much about other affairs in other places. People that live in the
United States should also see the importance of helping those in need in order to become better than they
were at before. Overall, the article China pledges $60 billion in funding support to Africa should be
looked upon by other countries and see how they could get involved in the world as well in terms of
helping those in need and improving industry and economic development in those regions.