China will extend a total of $60 billion of financing to Africa, Chinese President Xi Jinping announced on September 3.
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 of grants, interest-free loans and concessional loans, $20 billion of credit lines, the setting up of a $10-billion special fund for development financing and a $5-billion special fund for financing imports from Africa. Chinese companies are also encouraged to make at least $10 billion of investment in Africa in the next three years.
China has honored its 2015 promise to provide Africa with funding support totaling $60 billion, 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.
(Xinhua News Agency September 3, 2018)