China’s Xi offers $60bn in financial support to Africa

Xi said China’s investments on the continent have “no political strings attached” [Lintao Zhang/Reuters]

China’s President Xi Jinping has offered $60bn in financial support to African countries and written off debt for poorer African nations.

Speaking at the opening of a major summit with African leaders in Beijing on Monday, Xi promised development that people on the continent could see and touch, but that would also be green and sustainable.

Government debt from China’s interest free loans due by the end of 2018 will be written off for indebted poor African countries, as well as for developing nations in the continent’s interior and small island nations, Xi said.

“China-Africa cooperation must give Chinese and African people tangible benefits and successes that can be seen, that can be felt,” he said.

China will carry out 50 projects on green development and environmental protection in Africa, focusing on fighting climate change, desertification and wildlife protection, the Chinese leader said. Read more >>

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