At Africa summit, China elevates ties with Libya, invests $14M in Egypt
The Sino-Libyan pact was announced Wednesday by Chinese President Xi Jinping and President of the Libyan Presidency Council Mohamed al-Menfi at the FOCAC summit in Beijing.
At the 2024 Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) this week, the Chinese government made a host of financial and political commitments to North Africa, including a new strategic partnership with Libya and a $14 million investment in Egypt.
Leaders of more than 50 African countries gathered for the summit, which is held every three years, to speak on topics including climate, infrastructure, security and debt. Several African countries face debt crises, and China is the world’s biggest bilateral lender and Africa's largest trading partner, with a sprawling investment footprint across the continent. The event, running Tuesday through Thursday, marks one of China’s largest diplomatic events in recent years.
The Sino-Libyan pact was announced Wednesday by Chinese President Xi Jinping and President of the Libyan Presidency Council Mohamed al-Menfi at the summit.
Xi said that China supported Libya’s stable development and deepening bilateral cooperation with the North African country, the Xinhua news agency reported.
