development - The African Mirror

Sep

06

2024

China and Africa forge new partnership to boost development, modernization

NEWS

IN a landmark move that underscores the shared values and mutual desire to improve lives across the world's most populous country and largest continent, China and Africa have announced a groundbreaking deal aimed at fostering development and modernization. Chinese President Xi Jinping, addressing delegates from over 50 African nations at the Forum on China-Africa Cooperation (FOCAC) Summit in Beijing, unveiled an ambitious plan to inject nearly $51 billion into African economies over the next three years. This financial commitment is part of a broader strategy to deepen cooperation between China and Africa in key areas such as industry, agriculture, infrastructure,…

US-Africa trade deal turns 25 next year: Agoa’s winners, losers and what should come next

SPECIAL FEATURES: ANALYSIS

THE African Growth and Opportunity Act (Agoa) is a landmark piece of trade legislation enacted by the United States in 2000. Its goal is to promote economic growth, development and poverty reduction in sub-Saharan Africa by providing qualifying countries with duty-free access to the US market for over 6,500 products. By eliminating import tariffs and quotas, Agoa aims to stimulate trade, attract foreign investment and foster economic integration between the US and African nations. Agoa has made strides in boosting exports from eligible African countries to the US. Between 2001 and 2021, the annual value of US imports from Agoa-eligible…

What we know about the Italian development plan for Africa

SPECIAL FEATURES: ANALYSIS

THE Italian government unveiled at the Italy-Africa summit details of a long-awaited project aimed at boosting development in Africa, hoping it will help spark economic growth that will curb irregular immigration to Europe. Here are the main points of the "Mattei Plan" - named after the late Enrico Mattei, who founded state oil company Eni - as outlined by Prime Minister Giorgia Meloni. AREAS OF INTERVENTION The Italian plan will be developed along five main policy pillars: education and training; agriculture; health; water; and energy - which is the most significant for Rome. The aim is to make Italy an…