China will allocate $60 billion for the development of Africa

Moscow. December 4. The Chinese authorities intend to give African countries billions of dollars in financial aid, said the President of China XI Jinping.

According to him, the aid package of $60 billion includes loans with zero interest rate, and the payment of stipends to several thousand African students, reports the BBC.

The announcement was made during the two-day Africa-China forum in Johannesburg.

South Africa’s President Jacob Zuma, in turn, noted that China remains the largest trading partner of Africa. According to him, cooperation between Africa and China is of particular importance, since in total they are home to a third of the population of the planet.

Before the summit, experts predicted that African countries in the negotiations will be, first of all, to ask about the restructuring of Chinese loans, to pay them all the harder because of the slowdown of the Chinese economy.

Two weeks before the start of the summit, press Secretary of the Ministry of Commerce of PRC Shen Danyang reported that the volume of Chinese direct investment in Africa in the first half fell by more than 40% compared with the same period of 2014 and amounted to $1.2 billion.

In total, according to estimates, the Chinese have implemented or are implementing in Africa, more than 3 thousand projects. These include such large ones as the railway Lagos-Calabar (Nigeria) with a length of 1405 km (cost – $12 billion), the project “infrastructure in exchange for mine” – the extraction of copper, cobalt and other metals in the Democratic Republic of the Congo ($bn made 7.16 interest), the construction of houses on the outskirts of Johannesburg ($7 billion), a joint venture China international Fund in Guinea – mining bauxite, oil, gas, construction of power plant ($7 billion), the construction of a refinery in Angola ($5.8 billion), a single project for the construction of cement plants in Cameroon, Ethiopia, Kenya, Mali, Niger, Nigeria, Senegal, Zambia, and Nepal ($4,34 billion), the textile complex in Egypt ($1.01 billion), a deep-water port in Cameroon ($1 billion).