China announced a $60 Billion in African Development going forward in a move set to concrete it’s involvement in the continent.
Maybe, most importantly for many, $156 million of that will go to emergency food aid and interest free loans are planned to help countries in economic trouble.
The announcements were made at the Forum on China-Africa Cooperation summit in Johannesburg on Friday.
While China is Africa’s largest trading partner by far, the relationship has been tested recently by the country’s growth slowdown. The Chinese slump has pushed commodity prices down, sending shock waves through many African economies that lean heavily on such exports, like oil and iron ore.
The investment aims specifically to enhance African infrastructure, ameliorate a talent shortage, and speed up industrialization and the modernization of agriculture. Funding will be channeled toward vocational schools, scholarships, and exchange programs with China. Xi said he will also offer zero-interest loans to governments and $156 million of emergency food aid.
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