Beijing will offer $60 billion in financing to Africa-centric projects over the next three years

Chinese President Xi Jinping addressed African leaders attending the FOCAC summit in Beijing and laid out plans for investment in Africa. The Chinese President pledged that  his country will put $60 billion in financing projects in Africa.The $60 billon will be in a form of grants, interest-free loans and concessional loans, credit lines, development financing and imports from Africa.      

China aims to build ties with African countries that will mutually benefit them in trade, investment and politics. This has encouraged the China-Africa outreach, in 2015 the China President promised African countries the $60 Billion funding, and the promise was delivered this week.

The specifics of the project that will be funded has not been made clear yet however the aim has always been to assist in food aid, providing scholarships, vocational training and trade opportunities to African countries.

The China President emphasized that China will not get involved with the political affairs of the African countries they invest in. President Xi said: “China does not interfere in Africa’s internal affairs and does not impose its own will on Africa.”

Related Story: FOCAC Summit to further strengthen China-Africa ties

(Source: KRMG)

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