Xi announces $60 bn for Africa

Beijing : China will extend a total of $60 billion of financing to Africa, Chinese President Xi Jinping announced on Monday.

The financing will be provided in the form of government assistance as well as investment and financing by financial institutions and companies, Xinhua news agency quoted Xi as saying in a speech at the 2018 Beijing Summit of the Forum on China-Africa Cooperation.

The financing includes $15 billion of grants, interest-free loans and concessional loans, $20 billion of credit lines, the setting up of a $10 billion special fund for development financing and a $5-billion special fund for financing imports from Africa.

Chinese companies are also encouraged to make at least $10 billion of investment in Africa in the next three years.