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China promises financial assistance of US $60 billion to Africa



China promises financial assistance of US $60 billion to Africa: Details, Aim, Highlights

China has promised the US $60 billion of financial assistance to Africa's bolster industry, counter hunger, and enhance security in the continent.

The financial assistance was announced by Chinese President Xi Jinping in his inaugural address at the third Forum on China-Africa Cooperation (FOCAC) held in Beijing.

For financing, China will nudge African countries to tap new multilateral lenders such as Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB) of emerging economies as well as Silk Road Fund marshaled by China.

Out of $60 billion offered, China will disburse $15 billion as aid, interest-free loans and concessional loans, $20 billion as a credit line, channel $10 billion into a special fund for China-Africa development and $5 billion special funds will be set up only for African imports.

Forum on China-Africa Cooperation (FOCAC)

FOCAC is an official forum between China and all states in Africa (except Eswatini). It was started as Ministerial Conference in 2000 in Beijing and since then it is held triennially in China and Africa alternatively.

Eight focal areas of funding were mentioned that would premise emergence of China-Africa community with shared future in the new era. Energy, transport, telecommunications and tapping cross-border water resources will be China’s priority in this next phase of Africa’s infrastructural forays.


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