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China Promised US$60 billion at the China-African Summit

On September 3, Chinese President Xi Jinping delivered a keynote speech at the opening ceremony of the 2018 Beijing Summit of the Forum on China-Africa Cooperation.

Xi promised that, over the next three years, China will implement eight initiatives in terms of China-Africa cooperation in the fields of industrial promotion, infrastructure, trade, green development, capacity building, health, cultural exchanges, peace, and security.

China said it would establish a China-Africa Economic and Trade Expo and provide 1 billion yuan (US$146.3 million) in emergency aid to disaster-affected African countries. China will also implement 50 projects on trade facilitation and establish 50 aid projects on green development and environmental protection. In addition, China proposed that it would provide vocational training for African youth and upgrade 50 medical and healthcare assistance projects in Africa. Also, China plans to establish a China-Africa fund on peace and security cooperation for joint peacekeeping.

In total, China is to provide US$60 billion in financial support to Africa to accomplish the above initiatives.

In his speech, Xi said that China and Africa should expand their political dialogue and policy communication at all levels, strengthen mutual understanding and mutual support on issues involving core interests and major concerns, and maintain close cooperation on major international and regional issues.

Source: Xinhua, September 4, 2018