China pledges $60 billion to aid development in Africa

yinka ogunlami

December 4, 2015 1:41 PM

Xi Jinping, President of the People's Republic of China announced during a China-Africa corporation summit that China pledges its assistance of $60bn loan to aid development in Africa.

Xi Jinping, President of the People's Republic of China during the China-Africa corporation summit

Xi Jinping, President of the People's Republic of China announced during a China-Africa corporation summit that China pledges its assistance of $60bn loan to aid development in Africa.

President Xi Jinping said the package would include zero-interest loans as well as scholarships and training for thousands of Africans.

Jacob Zuma, President of South Africa welcomed the partnership with Africa’s biggest trading partner. Zuma said that China and Africa makeup one-third of the world’s population, bringing possibilities of new markets and production possibilities.

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The two-day Forum on China-Africa Cooperation (Focac) is the second time China has brought together African leaders since the forum was launched in Beijing in 2000.

This assistance will focus on, Industrialisation, loans, grants,Infrastructure project, modernization of Agricultural, Financial services, Green development, peace and security.

Much of this additional assistance is likely to be focused on infrastructure projects to help boost economic development but details of the deals have not been announced.

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According to , Mr Xi said this was his seventh visit to Africa and his second as Chinese president and on each trip he saw progress and change.

Africa's momentum was "unstoppable", he said.

"The late Nelson Mandela of South Africa once said: 'We stand at the dawn of an African century, a century where Africa will take its rightful place among the nations of the world.'

"I couldn't agree more with this statement and I am convinced that African countries and people are embracing a new era that is truly theirs."

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