Africa: Xi Announces U.S.$60 Billion Financing for Africa

Beijing, China.
3 September 2018

China will extend a total of $60 billion 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)

See What Everyone is Watching

More From: Premium Times

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.