China's Xi Jinping offers another $60 billion to Africa
Chinese President Xi Jinping offered another $60 billion in financing for Africa and wrote off some debt for poorer African nations.
The money will fund projects including infrastructure like railways and roads. Chinese President Xi Jinping pledged the same amount three years ago, and says this new investment must give both countries tangible benefits.
CHINESE PRESIDENT, XI JINPING, SAYING:
"Government debt from China's interest free loans due by the end of 2018 will be written off for indebted poor African countries, as well as for developing nations in the continent's interior and small island nations."
25 percent of the money will be aid, but there'll also be interest-free loans and concessional loans.
Chinese companies are also being encouraged to invest at least $10 billion into the continent over the next 3 years. South Africa's President believes it will improve the quality of African lives.
SOUTH AFRICAN PRESIDENT, CYRIL RAMAPHOSA, SAYING:
"In the values that it promotes, in the manner that it operates and in the impact that it has on African countries - FOCAC refutes the view that a new colonialism is taking hold in Africa.
China's influence in Africa is huge. One company, PowerChina, is currently working on 844 project contracts worth $35 billion in 46 African countries. Beijing has faced criticism it's only interested in resource extraction, to feed its booming economy and that projects funded have poor environmental safeguards,.
But, China is promising more sustainability. It says it'll carry out 50 projects on green development and environmental protection. (Reuters)
A general view of the opening ceremony of the Forum on China-Africa Cooperation (FOCAC) as Chinese President Xi Jinping (front, podium) delivers his speech, at the Great Hall of the People in Beijing, China, 03 September 2018. African leaders are gathering in Beijing to attend the FOCAC from 03 to 04 September, with the aim to build closer China-Africa relationships. EPA
Foreign leaders and their spouses attending the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) are greeted by young performers on their way to a welcoming banquet held by Chinese President Xi Jinping and his wife Peng Liyuan at the Great Hall of the People in Beijing, capital of China, Sept. 3, 2018. Xinhua
South Sudan President Salva Kiir Mayardit, left, shakes hands with Chinese President Xi Jinping during the Forum on China-Africa Cooperation held at the Great Hall of the People in Beijing, Monday, Sept. 3, 2018. AP