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China announces $60 billion for Africa with no strings attached

Staff Writer |
Chinese President Xi Jinping pledged $60 billion in financing for projects in Africa in the form of assistance, investment and loans, as China furthers efforts to link the continent’s economic prospects to its own.

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Speaking to a gathering of African leaders in Beijing, Xi on Monday said the figure includes $15 billion in grants, interest-free loans and concessional loans, $20 billion in credit lines, $10 billion for “development financing” and $5 billion to buy imports from Africa.

In addition, he said China will encourage companies to invest at least $10 billion in Africa over the next three years.

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