Chinas Xi offers $60 billion Africa aid, says 'no strings attached'

Sep 04, 2018, 09:02 IST | Agencies

Xi offered the funding at the start of a two-day China-Africa summit that focused on his cherished Belt and Road initiative

Chinas Xi offers $60 billion Africa aid, says 'no strings attached'
Cyril Ramaphosa and Xi Jinping

President Xi Jinping told African leaders yesterday that China's investments on the continent have "no political strings attached", pledging $60 billion in new development financing, even as Beijing is increasingly criticised over its debt-heavy projects abroad.

Xi offered the funding at the start of a two-day China-Africa summit that focused on his cherished Belt and Road initiative. The money comes on top of $60 billion Beijing offered in 2015.

The massive scheme is aimed at improving Chinese access to foreign markets and resources, and boosting Beijing's influence abroad. It has already seen China loan billions of dollars to countries in Asia and Africa for major infrastructure projects. But critics warn that the Chinese leader's pet project is burying some countries under massive debt.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

DISCLAIMER: mid-day and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

Did you know Narendra Modi once wanted to become a monk?

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK