China promises $60 bn aid to Africa as 2018 FOCAC summit opens

China will provide $60 billion in financial support to Africa, President Xi Jinping said on Monday at the opening of a major China-Africa summit.

The support will be provided in the form of government assistance as well as investment and financing by financial institutions and companies, Xi said in a speech carried live on state television.

China will also expand its imports from Africa, especially for non-resources products, and will facilitate African financial institutions’ bond issuances in China, Xi added.