China pledges $60m for financing projects in Africa

by Sunday News Online | Sunday, Sep 9, 2018 | 450 views
President Xi Jinping

President Xi Jinping

CHINESE President Xi Jinping announced while officially opening the Beijing Summit of the Forum on China-Africa Co-operation (FOCAC) that his country was pledging $60 billion for financing various projects in Africa.

The financing will be provided in the form of Government assistance as well as investment and financing by financial institutions and companies.

The $60 billion facility will see China implement eight major initiatives with African countries in the next three years and beyond, covering fields such as industrial promotion, infrastructure connectivity, trade facilitation, and green development.

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