Monday, 7 December 2015

China pledges $60bn to develop Africa

China has announced $60bn (£40bn) of assistance and loans for Africa to help with the development of the continent.
                President Xi Jinping said the package would include zero-interest loans as well as scholarships and training for thousands of Africans.
                The Chinese leader made the announcement at a major summit between China and Africa in Johannesburg.
                South Africa's President Jacob Zuma welcomed the deepening partnership with Africa's biggest trading partner.
                He said that China and the African continent each made up a third of the world's population, bringing with it the possibility of new markets and production possibilities.
                The two-day Forum on China-Africa Cooperation (Focac) is the second time China has brought together African leaders since the forum was launched in Beijing in 2000.

                The BBC's Karen Allen in Johannesburg says China's announcement of grants, loans and development funds was widely anticipated, although the figure exceeded expectations.
                Much of this additional assistance is likely to be focused on infrastructure projects to help boost economic development but details of the deals have not been announced.
                According to China's official Xinhua news agency, the assistance will focus on 10 areas, including industrialisation, the modernisation of agricultural, financial services, green development and peace and security.
                Mr Xi said this was his seventh visit to Africa and his second as Chinese president and on each trip he saw progress and change.
Africa's momentum was "unstoppable", he said.
                "The late Nelson Mandela of South Africa once said: 'We stand at the dawn of an African century, a century where Africa will take its rightful place among the nations of the world.'
                "I couldn't agree more with this statement and I am convinced that African countries and people are embracing a new era that is truly theirs."


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