China to support African development with US$60 billion

China president Xi Jinping yesterday said the Chinese government will be financing Africa with US$60 billion. He added that Chinese companies will also  invest  at least US$10 billion over the next three years. He made this statement at the opening ceremony of  the African leaders summit in Beijing.

Mr. Jinping said the fund will support developments that Africans can see and touch. The developments/projects will also be green and sustainable.

The Asian country have previously pledged US$60 billion to Africa three years ago. This new US$60bn will include US$15 billion of aid, interest-free loans and concessional loans. A credit line of $20 billion and US$10 billion special fund for China-Africa development. It will also include US$5 billion special fund for imports from Africa.

The Chinese president emphasized that Chinese-African cooperation must give Chinese and African people tangible benefits and successes that they can see and also feel.

Leave a Comment