China to provide over $50 billion in cooperation to African countries, Xi Jinping announces at FOCAC summit
China has pledged to provide African countries with financial assistance worth 360 billion yuan (more than $50 billion) over the next three years to implement joint projects, Chinese President Xi Jinping said at the FOCAC summit.
China plans to provide significant financial support to African countries as part of strengthening bilateral cooperation. At the opening of the Ninth Summit of the Forum on China-Africa Cooperation (FOCAC), Chinese President Xi Jinping announced that China will provide 360 billion yuan (more than $50 billion) in aid to African countries over the next three years.
The financial assistance will include 210 billion yuan in loans, 80 billion yuan in various support measures, and at least 70 billion yuan in investment by Chinese companies in African projects. China will also facilitate the issuance of panda bonds by Africa, which will strengthen financial cooperation and help African countries attract investment.
The move underscores China’s long-term plans to strengthen economic ties with African countries and develop infrastructure and technology on the continent.
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