Chinese President Xi Jinping offered another $60 billion (about R890bn) in financing for Africa and said Chinese companies will be encouraged to invest no less than $10bn (R150bn) over the next three years, but he warned against “vanity projects”.
Speaking at the opening of a summit with African leaders in China, Xi promised development that people on the continent could see and touch, but that would also be green and sustainable.
China has denied engaging in “debt trap” diplomacy.
Xi said the new
$60bn will include
$15bn of aid,
interest-free loans and concessional loans, a credit line of $20bn, a $10bn special fund for China-Africa development, and a $5bn special fund for imports from Africa.