China to Support Africa’s Development with $60bn Financing

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Tuesday, September 04, 2018 3.40PM / Proshare WebTV

Chinese President Xi Jinping yesterday announced a pledge of $60bn financing for Africa’s Infrastructure development.

President Xi Jinping disclosed this new round of Chinese support to the region, at the opening session of the 7th Forum for Africa and China (FOCAC) Summit in Beijing.

The Chinese leader also informed stakeholders at the summit, that the Asian economic power house will write off the debt of poorer African nations.

President Xi denied allegations that China was engaging Africa in a “debt trap” diplomacy. 

He promised that the Sub-Saharan African region real-time tangibe socio-economic development that will be of immense benefit to its populace.

South African President Mr Cyril Ramaphosa in his remarks lauded the China approach to impact investments in Africa, while he denounced claims that new financing plan was another round of “neo-colonization” for the continent.

China has made significant investments and entered into bi-lateral agreements with countries in Africa, covering areas like infrastructure, technology, agriculture, energy  amongst others.


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