Follow Us:
Tuesday, July 17, 2018

China pledges $60 billion to African development

Speaking at the Forum on China Africa Cooperation in South Africa on Friday, President Xi Jinping outlined 10 areas that will receive funding.

By: AP | Published: December 4, 2015 8:38:36 pm
China Africa, China Africa investment, Xi Jinping Africa, China Africa news, China president Africa Chinese President Xi Jinping delivers his speech during the opening ceremony of the Johannesburg Summit for the Forum on China-Africa Cooperation at the Sandton Convention Centre in Johannesburg, Friday Dec. 4, 2015. Jinping said that every time he visited Africa, he saw new progress and new changes on this continent. (AP Photo)

China’s president has pledged $60 billion to development in Africa, as part of what Chinese and African leaders have called “win-win cooperation.”

Speaking at the Forum on China Africa Cooperation in South Africa on Friday, President Xi Jinping outlined 10 areas that will receive funding.

Xi said his government will cancel outstanding debts for Africa’s least developed countries. The Chinese president said billions would go toward the smooth implementation of infrastructure projects, aid for drought-stricken countries and thousands of scholarships for African students.

At the last summit three years ago, China pledged to provide a $20 billion credit line to African countries for development projects.

Despite its weakening economy, China has the world’s largest foreign currency reserves at $3.514 trillion.

For all the latest World News, download Indian Express App

Advertisement
Advertisement
Advertisement