Xi announces 60 billion USD of financing to Africa - Xinhua

[LKJ86]

Xi announces 60 billion USD of financing to Africa
Source: Xinhua| 2018-09-03 17:51:41|Editor: Li Xia

BEIJING, Sept. 3 (Xinhua) -- China will extend a total of 60 billion U.S. dollars of financing to Africa, Chinese President Xi Jinping announced Monday.

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.

Source:http://www.xinhuanet.com/english/africa/2018-09/03/c_137441596.htm

 

[Tshering22]

Wasn't he setting rules to limit the outflow of capital from China? Won't this development offset that rule?

 

[Cybernetics]

China to exempt certain African countries from debts: Xi
Source: Xinhua| 2018-09-03 17:26:33|Editor: ZX

BEIJING, Sept. 3 (Xinhua) -- China will exempt certain African countries from outstanding debts incurred in the form of interest-free Chinese government loans due by the end of 2018, Chinese President Xi Jinping announced Monday.

The exemption will be granted to Africa's least developed countries, heavily indebted and poor countries, landlocked and small island developing countries that have diplomatic relations with China, Xi said in a keynote speech at the opening ceremony of the 2018 Beijing Summit of the Forum on China-Africa Cooperation.

http://www.xinhuanet.com/english/africa/2018-09/03/c_137441538.htm

 

[GeraltofRivia]

That is about the same amount that China is investing in its most important ally Pakistan along. Still a big sum nevertheless.

 

[haidian]

US believs American bombs and big guns helps African economy better than Chinese money, Chinese money is colonization.