China’s Xi offers $60 bn Africa aid, says ‘no strings attached’
President Xi Jinping told African leaders Monday 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 — to be spent over the next three years — comes on top of $60 billion Beijing offered in 2015.
The massive Belt and Road scheme is aimed at improving Chinese access to foreign markets and resources, and boosting Beijing’s influence abroad.
China has poured billions in loans for roads, railways, ports and other major infrastructure projects in Asia and Africa.