This is an excerpt from an article in the Magazine “THE DIPLOMAT”.
September 12, 2024
A headline that made everyone sit up last week was China’s pledge of over $50 billion to Africa in lines of credit and investment in the next three years.
The pledge was one of the key outcomes of the ninth China-Africa summit, more formally known as the Forum on China-Africa Cooperation (or FOCAC) hosted by Beijing. The September 4-6 event had a record attendance from more than 50 out of 55 nations that make up the African continent.
In recent years, with the importance of Africa’s natural resources and favorable demographics growing, several countries, including the United States, Russia, Italy, Saudi Arabia, India, and Turkey are actively courting the continent and held their own summits with African leaders.
While China held its first summit with Africa in 2000 – last week’s FOCAC was the ninth — India’s first Africa summit was held in New Delhi in 2008, while the second was in Ethiopia in 2011 and the third in New Delhi in 2015.
Read more by clicking the following link.
https://thediplomat.com/2024/09/fintech-partnership-with-africa-a-must-for-india-to-secure-edge-over-china
