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Despite being criticised for it’s debt-heavy projects, Chinese President Xi Jinping has promised to invest $60 billion in a new development financing. Xi Jinping also said, China’s investment on the continent does not have any political string attached.
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Xi Jinping $60 billion investment came in the start of two day China-Africa Summit, focusing on his cherished belt and road initiative. These money to be spent in the span of three years. This cherished road services are aimed to improve Chinese access to foreign markets and resources and boosting Beijing’s influence throughout the world.
This is not the first time when China has invested in Billions for their road, railways, ports and other infrastructure projects. But, this time China is on the target of world’s leader who are warning that, these Chinese pet project is burying several countries under massive belt.
Xi Jinping said that, “China’s cooperation with Africa is clearly targeted at the major bottlenecks to development. Resources for our cooperation are not to be spent on any vanity projects, but in places where they count the most.”
But Jinping also admitted there was a need to look at the commercial viability of projects and make sure preparations are made to reduce investment risks and make cooperation “more sustainable.”
At the start of the Forum on China-Africa Cooperation (FOCAC), Xi Jinping has announced $60 billion in funds for eight initiatives over the next three years, in areas ranging from industrial promotion, infrastructure construction and scholarships for young Africans.
While speaking at the opening of a major summit with African leaders in Beijing on Monday, Jinping said the figure included $15bn in grants, interest-free loans and concessional loans, a credit line of $20bn, $10bn for “development financing” and $5bn to buy imports from Africa.
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