Chinese President Xi Jinping, at the China-Africa Summit on Friday, pledged $60 billion in aid to African countries to build commodity factories, roads, ports and railways in order to boost their capacity for commodity exports. Xi said the relationship between China and Africa is one between equals, spreading out a ten-point plan to achieve it. “To ensure the successful implementation of these ten cooperation plans, China decides to provide a total of $60 billion of funding support,” Xi told the summit. Xi promised China would cancel debt loans with zero interest for least developed countries due to mature by end of 2015. “China will implement ten cooperation plans with Africa in the next three years,” Xi said. “These plans (are) aimed at addressing three issues holding back Africa’s development, namely inadequate infrastructure, lack of professional and skilled personnel and funding shortage,” Xi stated.
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