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China announces $60bn financing for Africa

China will extend a total of 60 billion U.S. dollars of financing to Africa, Chinese President Xi Jinping announced Monday.

The financing will be provided in the form of government assistance as well as investment and financing by financial institutions and companies, Xi said in a keynote speech at the opening ceremony of the 2018 Beijing Summit of the Forum on China-Africa Cooperation.

He also said that China will exempt certain African countries from outstanding debts incurred in the form of interest-free Chinese government loans due by the end of 2018.

The exemption, he said, will be granted to Africa’s least developed countries, heavily indebted and poor countries, landlocked and small island developing countries that have diplomatic relations with China.

Xi also said China will implement eight major initiatives with African countries in the next three years and beyond.

He said the initiatives, cover fields such as industrial promotion, infrastructure connectivity, trade facilitation, and green development.

(Xinhua/NAN)

One Comment

  1. Lal Matthew Lal Matthew September 3, 2018

    With all due respect,
    President Xi, may be you needed to wait until America cut off your free lunch of 500 Billion yearly by dumping plastics since 1993 to see thru the immediate implications and consequences in China itself, instead of misleading fellow Africans by the newest version of modern day slavery. Instead, l suggest Africans needed immediate reforms, enforcement and infrastructure development instead of looking for free lunch, endemic multiheaded and monumental corruption so can enjoy the real progress and development with pride and dignity
    Please don’t hate the messenger,
    The Game Changer,
    Texas.

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