‘No political strings attached’: China doubles financial pledges to Africa and vows to waive debt for poorest nations
Beijing’s commitment to the continent grows as concerns mount about its ambitions in the region
China has doubled its financial aid and investment pledges to Africa and promised to waive the debt of the continent’s least-developed nations as Beijing seeks to extend its economic and political reach in the region.
President Xi Jinping announced US$60 billion in support on Monday as leaders from more than 50 African countries met in Beijing for the Forum on China-Africa Cooperation. The commitment comes on top of another US$60 billion announced at the summit three years ago.
Xi said the financing would be in the form of government help as well as investment and funding by institutions and companies.
It includes US$15 billion in grants, interest-free loans and concessional loans – three times the amount pledged in 2015. Also promised are US$20 billion in credit lines, a US$10 billion fund for development financing and US$5 billion to finance imports from Africa.
Xi also announced that China would waive the debt of the poorest African countries that have diplomatic ties with Beijing.
China has used previous summits to announce big financing commitments to the continent, but this year’s forum has added weight, given mounting scepticism in the West about Beijing’s global ambitions.
