China's Xi pledges US$60b for development in Africa

[JOHANNESBURG] China's President Xi Jinping told African presidents on Friday at a summit that his country would provide US$60 billion to fund development on the continent, outlining the Asian economic giant wanted to build a relationship of equals.

Mr Xi, who is co-chairing the Forum on China-Africa Cooperation where several African heads of state were attending, outlined a broad 10-point development plan driven by China. "To ensure the successful implementation of these ten cooperation plans, China has decided to provide a total of US$60 billion of funding support," Mr Xi said.

REUTERS