Chinese President Xi Jinping has pledged a $60 Billion funding for African development projects.
The president told African leaders that China’s investments on the continent have “no political strings attached”.
He was speaking during the China- Africa summit currently ongoing in Bveijing, China.
“China’s investment in Africa comes with no political strings attached.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.” He saidThe money will be channelled to projects aligned to the Chinese government’s Belt and Road Initiative covering telecommunications, construction of roads, bridges and sea ports, energy, and human capacity development.
The funding is broken down into several parts with $15 billion being categorised as government grants, $15 billion as interest free loans and $20 billion of credit lines and $5 billion for financing imports from Africa.
The Chinese President, who addressed Africa’s leaders including President Uhuru Kenyatta who gathered at the Great Hall of the People, said China is proud of its partnership with Africa.
The summit kicked off on Monday morning with President Xi Jinping calling for greater representation of the developing world in global governance