President Xi Jinping said the package amounting to 60 billion US dollar (henved 400 mia. DKR) would include zero-interest loans as well as scholarships and training for thousands of Africans, BBC online reports Friday.
The Chinese leader made the announcement at a two-day Forum on China-Africa Cooperation (Focac) in Johannesburg, the second time China has brought together African leaders since the forum was launched in Beijing in 2000.
According to China's official Xinhua news agency, the assistance over three years will focus on 10 areas, including industrialisation, the modernisation of agricultural, financial services, green development and peace and security.
South Africa's President Jacob Zuma, who is joint host at the summit, said, that "China has become Africa's largest trade partner, and Africa is now one of China's major import sources and fourth largest investment destination”.
China's announcement of grants, loans and development exceeded expectations.
Despite a major slowdown at home, which has seen Chinese demand for African exports plummet – a vital source of foreign exchange earnings for the continent – the main message is that despite economic challenges, China's commitment to Africa is long term.
