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China will provide $60 bln for development in Africa

By on December 4, 2015

China’s President Xi Jinping told African presidents on Friday at a summit that his country would provide $60 billion over three years to fund development on the continent.

China has announced $60bn (£39bn) of assistance and loans for Africa to help with the development of the continent.

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

President Xi, who is co-chairing the Forum on China-Africa Cooperation where several African heads of state were attending, outlined a broad ten-point development plan driven by the Asian economic giant, saying he wanted to build a relationship of equals.

China would cancel existing debts with zero interest loans for least developed countries that mature by end 2015, he said.

China will strengthen its cooperation with Africa in the fight against violent extremism and would not interfere with the political choices of countries in the continent, Xi said.

“China will implement ten cooperation plans with Africa in the next three years,” Xi said.

South Africa’s President Jacob Zuma welcomed the deepening partnership with Africa’s biggest trading partner.

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