China offers Africa US$60b 'funding support'

Johannesburg

CHINESE President Xi Jinping announced US$60 billion of assistance and loans for Africa at a summit in Johannesburg on Friday, signalling China's commitment to the continent despite a recent fall in investment.

China's economic growth has taken a dip this year, triggering a global commodities slump and causing Beijing to slash investment in Africa by more than 40 per cent in the first six months of 2015.

Mr Xi said that China has decided "to provide a total of US$60 billion of funding support that includes US$5 billion of grants in zero interest loans (and) US$35…