Chinese President Xi Jinping on Monday pledged $60 billion in financing for projects in Africa in the form of assistance, investment and loans, as China furthers efforts to link the continent’s economic prospects to its own.
Speaking to a gathering of African leaders in Beijing, Xi said the figure includes $15 billion in grants, interest-free loans and concessional loans, $20 billion in credit lines, $10 billion for “development financing” and $5 billion to buy imports from Africa.
In addition, he said China will encourage companies to invest at least $10 billion in Africa over the next three years.
China’s outreach to Africa aims to build trade, investment and political ties with a continent often seen as overlooked by the U.S. and other Western nations. That has provided lucrative opportunities for Chinese businesses, while African nations are often happy to accept China’s offers that come without demands for safeguards against corruption, waste and environmental damage.
No details were given on specific projects, although Xi said China was planning initiatives in eight areas, including providing $147 million in emergency food aid, sending 500 agricultural experts to Africa, and providing scholarships, vocational training and trade promotion opportunities.
The pledge comes on top of a 2015 promise to provide African countries with $60 billion in funding that Xi said had either been delivered or arranged.
Also Monday, Xi promoted Beijing’s initiative to build ports and other infrastructure as a tool for “common prosperity” in a world facing challenges from trade…
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