Chinese president announces $60 billion funding for African development projects

JOHANNESBURG _ China’s president has pledged $60 billion to development in Africa, as part of what Chinese and African leaders have called “win-win co-operation.”

Speaking at the Forum on China Africa Cooperation in South Africa on Friday, President Xi Jinping outlined 10 areas that will receive funding.

Xi said his government will cancel outstanding debts for Africa’s least developed countries. The Chinese president said billions would go toward the smooth implementation of infrastructure projects, aid for drought-stricken countries and thousands of scholarships for African students.

At the last summit three years ago, China pledged to provide a $20 billion credit line to African countries for development projects.

Despite its weakening economy, China has the world’s largest foreign currency reserves at $3.514 trillion.

The Associated Press

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