World Economy

China Pledges $60b to Develop Africa

China Pledges $60b to Develop AfricaChina Pledges $60b to Develop Africa

China has announced $60 billion of assistance and loans for Africa to help with the development of the continent.

China’s President Xi Jinping said the package would include zero-interest loans as well as scholarships and training for thousands of Africans, BBC reported.

The Chinese leader made the announcement at a major summit between China and Africa in Johannesburg.

The momentum of rapid growth in Africa was “unstoppable”, Xi told more than 35 African heads of state. South Africa’s President Jacob Zuma, who is joint host at the summit, welcomed Africa and China’s deepening partnership.

“China has become Africa’s largest trade partner, and Africa is now one of China’s major import sources and fourth largest investment destination. This partnership can only yield further positive results for Africa’s development,” Zuma said.

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

According to China’s official Xinhua news agency, the assistance over three years will focus on 10 areas, including industrialization, the modernization of agricultural, financial services, green development and peace and security.