South African President Cyril Ramaphosa said on Thursday that he did not believe Chinese investments in Africa were pushing the continent into a "debt trap" but were instead part of a mutually beneficial relationship.
Ramaphosa made the remarks on the sidelines of a China-Africa summit in Beijing, where delegates from more than 50 African nations gathered this week.
"I don't necessarily buy the notion that when China (invests), it is with an intention of, in the end, ensuring that those countries end up in a debt trap or in a debt crisis," Ramaphosa said, when asked by reporters about China's pledge at the summit of $51 billion in new funding for Africa.
In addition to the financial support over three years, China promised to carry out three times as many infrastructure projects across resource-rich Africa, which in recent years has become the focus of intense geopolitical competition between global powers like China, Europe and the United States.
Without providing details, Ramaphosa also said South Africa had reached an agreement with China on aspects of its energy security. He said South Africa could learn from China in reforming its energy sector.
"They already have done exactly what we are seeking to do. So there are lessons for us to learn from China and how to do it," he said.
South Africa has been plagued for years by rolling power blackouts that have constrained economic growth.
Ramaphosa also said South Africa would look to attract China's electric vehicle manufacturers including its largest, BYD.
"We had good exchanges with BYD, which has shown a great interest to come and invest in South Africa," he said.
Latest Stories
-
Republic Bank-Luv FM Habitat Fair: Sales boom in Kumasi as patrons call for more
9 mins -
Cocoa carriers boycott services, demand 3 cedis labour fee
15 mins -
Eurobond debt restructuring shows investor confidence in economy – President Akufo-Addo
16 mins -
Rastafari Council urges government to act on galamsey menace
19 mins -
Deputy Education Minister tours technical universities, commends institutions for driving industrialisation
20 mins -
Some members of organised labour reject calls for nationwide strike
34 mins -
We need restoration of water bodies, ban galamsey – Austin Gamey tells gov’t
1 hour -
Sierra Leone to host UN Women in Tourism Africa Regional Congress
1 hour -
Dr. Donald Agumenu calls for Unity and Action at Deza Festival
1 hour -
CSIR-CRI trains plantain farmers on how maximise yields using clean seeds
2 hours -
Legendary Capital Events & Kidzplace recognized for excellent event management
2 hours -
I was rejected by record labels due to my albinism, poor eyesight – Byno Ayoni
2 hours -
US-based SHE Empowerment global delegation arrives in Ghana for official launch
2 hours -
Dear God, Why I’m not adding Ghanaian politicians to my prayer topics?
3 hours -
Police launch manhunt for escapee robbery suspect
3 hours