China says it will provide $60 billion in financial support to Africa as it continues to strengthen its relations with the continent.
China is hosting this year’s China-Africa summit aimed at deepening the ties between the Asian giant and Africa.
President Xi Jinping said on Monday at the opening of a the China-Africa summit that the financial support for Africa will include government assistance and investment.
Xi Jinping also said part of the financial support will cover financing by financial institutions and companies. The Chinese leader also revealed that China will increase its imports from Africa.
Imports will focus on non-resources products. There will be priority for African financial institutions’ bond issuances in China, according to Xi Jinping.
At an earlier business event, the Chinese President defended China’s investments in Africa saying no strings were attached to them.
“China does not interfere in Africa’s internal affairs and does not impose its own will on Africa. What we value is the sharing of development experience and the support we can offer to Africa’s national rejuvenation and prosperity,” Xi said.
Xi adds that “China’s cooperation with Africa is clearly targeted at the major bottlenecks to development. Resources for our cooperation are not to be spent on any vanity projects but in places where they count the most.”
Source: Africafeeds.com
