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.

According to Xi, China intends to increase the imports of goods from Africa and facilitate the simplification of trade procedures with African states.

"China has decided to expand the imports of goods from African countries, especially non-resource products," Xi said.

The president added that Beijing supported the participation of representatives of the African continent in the first China International Import Expo, which will be held in Shanghai in November. Xi also announced the decision to free the most developed African countries from paying the costs of participation in the exhibition.

The Chinese leader reiterated support for the creation of free trade zones on the African continent and the continuation of the negotiation process with African countries on issues of free trade development. In addition, China intends to promote cooperation with Africa in the field of e-commerce.