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China pledges USD 60 billion to Africa

Mon, 03 Sep 2018 18:44 - Updated Mon, 03 Sep 2018 18:44

3rd Summit of the Forum on China-Africa Cooperation Photo: Francisco Miúdo

Beijing - Chinese President Xi Jinping on Monday in Beijing pledged USD 60 billion in financing for projects in Africa in the form of assistance, investment and loans.

Xi Jinping made the pledge at the opening ceremony of the 3rd Summit of the Forum on China-Africa Cooperation (FOCAC)2018 attended by African heads of state including the president of Angola João Lourenço.

He stressed that China will provide the said amount to finance development in the African continent over the next three years.

Xi Jinping said that the value will cover the non-refundable assistance of USD 15 billion in interest-free and preferential loans.

The creation of a credit line and the implementation of a special development fund, worth more than 10 billion dollars, are envisaged in the USD 60 billion package.

Under South-South cooperation, the Asian country is available to encourage its companies to invest in Africa not less than ten billion dollars over the next three years, he noted.

According to Xi Jinping, China will write-off the debt with the less developed and poor economic capacity African nations, with which it has diplomatic relations.

In the field of education, the Chinese Government has made available 50,000 scholarships for African young people.

As co-chair of the China-Africa Cooperation Forum Summit, the South African statesman Cyril Ramaphosa highlighted the Africa-China partnership and denied the idea of alleged new colonisation in Africa by the Asian "giant".

"There is a mutually beneficial and win-win cooperation," the South African Cyril Ramaphosa insisted.

Speaking on behalf of the continent at the opening ceremony of FOCAC 2018, the chairperson of the African Union and president of Rwanda, Paul Kagame, said that there is a common vision on the development of Africa between the parties.

The first Forum on China-Africa Cooperation took place in Beijing in 2006, with 2nd Edition held in South Africa in 2015.

The Angolan head of State João Lourenço has been since Saturday in Beijing to attend the event.