Xi announces 60 billion USD of financing to Africa
China will extend a total of 60 billion U.S. dollars of financing to Africa, Chinese President Xi Jinping announced Monday.
Floral sculptures are installed to mark the upcoming Forum on China-Africa Cooperation summit in Beijing, as seen here on August 24, 2018. [Photo: VCG]
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 (FOCAC).
The financing includes 15 billion U.S. dollars of grants, interest-free loans and concessional loans, 20 billion U.S. dollars of credit lines, the setting up of a 10-billion-U.S. dollars special fund for development financing and a 5-billion-U.S. dollars special fund for financing imports from Africa. Chinese companies are also encouraged to make at least 10 billion U.S. dollars of investment in Africa in the next three years.
China has honored its 2015 promise to provide Africa with funding support totaling 60 billion U.S. dollars, Xi said, adding that the financing has been either delivered or arranged.
China decided to provide the funding support at the FOCAC Johannesburg summit to ensure the successful implementation of ten China-Africa cooperation plans adopted at the summit.