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China announces $60 billion of ‘funding support’ for Africa

Xi-Jinping-China-

Chinese President Xi Jinping today announced $60 billion of assistance and loans for Africa as he addressed a summit of African leaders in Johannesburg.

“China decides to provide a total of $60 billion of funding support that includes $5 billion of grants in zero interest loans (and) $35 billion in preferential facility and export credit loans and concessional loans,” he said.