China pledges $60bn investment in Africa

China will provide $60 billion to fund development in Africa over the next three years, thereby offsetting a recent fall in investment, visiting Chinese President Xi Jinping said, adding that the funding support includes $5 billion of grants in zero interest loans and $35 billion in preferential facility, export credit and concessional loans.

Addressing African presidents at a two-day forum on China-Africa cooperation in Johannesburg on Friday, President Xi also assured to implement ten cooperation pacts signed in Africa in the next three years

He also outlined a broad ten-point development plan based on a relationship of equals. At the same time, Xi said, China itself is stepping up investment in factories manufacturing goods for export in Africa, in addition to building roads, ports and railways.

Xi also announced that China will, by the end of 2015, write off existing zero interest loans to least developed countries that mature by end-15.

Besides, the Chinese President announced drought aid for the continent.

''China is greatly concerned about the poor harvest caused by El Nino in many African countries and will provide one billion yuan ($156 million) worth of emergency food aid to the affected countries,'' he said.

Xi also offered to extend cooperation to strengthen Africa in the fight against violent extremism without interfering with the political choices of countries in the continent.

Xi, who is attending the China-Africa summit in Johannesburg, today held a meeting with leaders of 13 African countries on the sidelines of the summit, to discuss a joint development strategy.

Xi met with leaders from the Democratic Republic of Congo, Uganda, Comoros, South Sudan, Morocco, Rwanda, Botswana and others. Earlier, on Thursday, he held bilateral meetings with nine other African leaders.