Chinese President Xi Jinping stands with African leaders during the Forum on China-Africa Cooperation in Beijing on Sept. 3. (AFP/Getty Images)For the 53 African nations attending the annual Forum on China-Africa Cooperation (FOCAC) in Beijing, the welcome news was President Xi Jinping’s $60 billion pledge for new projects. In delivering the FOCAC 2018 summit opening remarks, Xi pledged $20 billion in new credit lines; $15 billion in foreign aid as grants, interest-free loans or concessional loans; $10 billion for a special fund for development financing; and $5 billion for a special fund for financing imports from Africa. Research shows that for three African countries — Djibouti, Congo and Zambia — Chinese loans are the most significant contributor to debt distress. The Action Plan also announced the establishment of a China-Africa State Governance Forum, China-Africa Agriculture Cooperation Forum, China-Africa Private Sector Forum, China-Africa Developmental Financing Forum, China-Africa Law Enforcement and Security Forum, among others.

Source: Washington Post September 17, 2018 09:03 UTC