Chinese President Pledges New $60Bln Package Of Financial Assistance To Africa

Chinese President Pledges New $60Bln Package of Financial Assistance to Africa

Chinese President Xi Jinping has made a commitment to provide countries in Africa with another $60 billion financial aid package, boosting Beijing's efforts to help the continent.

MOSCOW (Pakistan Point News / Sputnik - 03rd September, 2018) Chinese President Xi Jinping has made a commitment to provide countries in Africa with another $60 billion financial aid package, boosting Beijing's efforts to help the continent.

During his speech at the opening ceremony of the Forum on China-Africa Cooperation in Beijing, Xi listed "eight key actions" China planned to take in the cooperation with Africa over the next three years, an upgrade from the "ten cooperation plans" he proposed during the previous forum held in Johannesburg in 2015.

"To ensure the 'eight actions' can move forward smoothly, China is willing to provide $60 billion in financial assistance to Africa in the form of government assistance and investment through financial institutions and enterprises," the president said.

According to the Chinese leader, Beijing's pledged financial assistance will include $15 billion in the form of grants, interest-free loans and discounted loans; $20 billion in credit lines; $10 billion for a new fund called "China-Africa Developmental Special Financial Fund"; $5 billion for a special fund to finance imports from Africa; and no less than $10 billion in investments into Africa from Chinese enterprises in the next three years.

In addition, Xi said Beijing also planned to waive the outstanding intergovernmental interest-free loans between China and the most underdeveloped, debt-heavy countries in Africa.

The promises come on the top of Beijing's 2015 pledge to give Africa $60 billion in aid, which have already been implemented, according to Chinese officials.