China pledges to pour billions into Africa as summit to solidify ties wraps up

JOHANNESBURG - South Africa’s business leaders are again upbeat about investment and trade on the continent as the China-Africa forum wraps up in Beijing.

President Cyril Ramaphosa led a high-level delegation this week in securing a new chapter for the Global South.

ALSO READ: 

• SA under construction: Macpherson signs declaration of intent with China
• Ramaphosa calls for balanced trade between SA and China

By the end of the summit, China had pledged more than $50 billion in fresh aid for Africa over the next three years.

More than half of this is in credit, raising concerns that an already indebted Africa will be further pushed into a debt trap.

But Ramaphosa doesn't agree, adding the relationship between China and Africa is a two-way street.

While the South African delegation is bullish about trade and investment, Standard Bank Group CEO Sim Tshabalala said there’s consensus that more needs to be done to address the country's infrastructure deficit, crime, and visa backlogs to woo investors.

"We've got to get on and facilitate the infrastructure investment, which then helps us to beneficiate, which then helps us compete more on the world."

Since its inception almost 25 years ago, the forum on China-Africa co-operation has been a driving force for economic growth for a number of powerhouses.