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President Xi pledges $60 bln to help Africa

CCTV.com

12-05-2015 06:32 BJT

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President Xi Jinping stressed that China will adhere to the principles of sincerity, real results, affinity and good faith and strike a proper balance in China

President Xi Jinping stressed that China will adhere to the principles of sincerity, real results, affinity and good faith and strike a proper balance in China's Africa policy between upholding principles and pursuing benefits.

President Xi Jinping’s delivered a keynote speech at the opening ceremony of the second summit of the Forum on China-Africa Cooperation in the South African city of Johannesburg. 

President Xi Jinping stressed that China will adhere to the principles of sincerity, real results, affinity and good faith and strike a proper balance in China's Africa policy between upholding principles and pursuing benefits.

Xi has announced a slew of pledges for development on the continent. A 60 billion-US-dollar funding package will support the implementation of the new plan in the next three years.

"China will implement 10 cooperation plans with Africa in the next three years. China will provide sixty billion US dollars of support funding. The funding package would include 5 billion US dollars of grants with zero interest loans 35 billion US dollars in preferential facility and export credit loans and concessional loans," Xi said. 

Xi Jinping said China would waive the least developed countries' outstanding debts from zero interest loans that are due this year. He said China would also help build and operate railways, roads, ports and airports as well as telecommunications and power plants on the continent.

One billion yuan worth of emergency food aid will also be provided to the countries hit by poor harvest caused by this year's El Nino. He also announced 30,000 Chinese government-sponsored scholarships and a training program for African technicians.

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