Chinese President Xi Jinping (習近平) on Friday pledged US$60 billion to development in Africa, as part of what Chinese and African leaders have called “win-win cooperation.”
Xi made the announcement to rousing applause from an audience that included South African President Jacob Zuma, Nigerian President Muhammadu Buhari, Kenyan President Uhuru Kenyatta and African Union Commission Chairwoman Nkosazana Dlamini-Zuma.
Speaking at the Forum on China Africa Cooperation in South Africa, Xi outlined 10 areas that would receive funding including infrastructure projects, aid for drought-stricken countries and thousands of scholarships for African students.
Photo: AFP
The Chinese government will also cancel outstanding debts for Africa’s least developed countries in the form of zero-interest loans that mature at the end of this year, he said.
Xi also promised to provide assistance to help upgrade African healthcare facilities, train hundreds of journalists and provide satellite reception in 10,000 African villages.
China has the world’s largest foreign currency reserves at US$3.514 trillion. State-owned banks have often looked to developing countries for investment opportunities.
The US$60 billion pledge is three times as much as the package promised at the last China Africa cooperation summit in 2012, economist Aubrey Hruby said.
With China’s recent economic woes, the Washington-based economist was expecting a more modest fund.
Hruby said the package is likely to be distributed through numerous state-owned agencies and that it would be difficult to track the funding’s successes or failures.
As with pledges from previous summits, the funding is expected to be distributed over the next three years, she said.
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