China’s Xi pledges $60 billion in financing for African development projects

Chinese President Xi Jinping
Chinese President Xi Jinping

Beijing : Chinese President Xi Jinping on Monday pledged $60 billion in financing for development projects in Africa over the next three years, as Beijing furthers efforts to link the continent’s economic prospects to those of China.

President Xi made the pledge in his opening speech to the third summit of the Forum on China-Africa Cooperation (FOCAC2018), kicked off in the Chinese capital Beijing on Monday under the theme “Towards a Stronger Community with a Shared Future Through Win-Win Cooperation”.

Xi said the figure includes $15 billion in grants, interest-free loans and concessional loans, $20 billion in credit lines, $10 billion for development financing and $5 billion to buy imports from Africa. He added that China will encourage companies to invest at least $10 billion in Africa over the next three years.

Also in his address, President Xi promoted China’s initiative to build ports and other infrastructure in African countries as a tool for “common prosperity” in a world facing challenges from trade protectionism.

The two-day Beijing forum has brought together leaders from China and more than 50 African countries. Dozens of African leaders met with Xi ahead of the conference.

FOCAC is the world’s biggest annual economic and political event reflecting Beijing’s interest in the African continent. It aims to intensify and push forward China’s relations with African countries.



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