China raises fears of ‘new colonialism’ with $60 billion investment across Africa

Chinese President Xi Jinping on Monday pledged $60 billion in financing for projects in Africa in the form of assistance, investment and loans, as China furthers efforts to link the continent’s economic prospects to its own.

Speaking to a gathering of African leaders in Beijing, Mr Xi said the figure includes $15 billion in grants, interest-free loans and concessional loans, $20 billion in credit lines, $10 billion for “development financing” and $5 billion to buy imports from Africa.

In addition, he said China will encourage companies to invest at least $10 billion in Africa over the next three years.

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