China projects to extend presence by aids to Africa| MENAFN.COM

Wednesday, 18 May 2022 12:28 GMT

China projects to extend presence by aids to Africa

(MENAFN) China has pledged a whopping USD60 billion in support to the world's least developed continent, according to the latest reports.

Many African governments are already grappling with tough economic challenges in the face of a Chinese slowdown and the fall in commodity prices.

Accordingly, China's demand for Africa's resources like oil, iron ore and copper over the past 10 years has been a vital supporter for the continent's growth.

The support includes USD35 billion in export credit lines, USD5 billion in grants, USD15 billion to two China-Africa funds and USD5b in loans to smaller firms.

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