China Provide Africa With More Than 50 Billion Dollars For Partnership Projects

In the next three years, the Chinese authorities will provide financial assistance to African states in the amount of 360 billion yuan (more than 50 billion dollars at the current exchange rate) for the implementation of joint partnership projects, Azernews reports.

"For 10 partnership events, the Chinese government will provide financial support to Africa in the amount of 360 billion yuan in the next three years," he said, speaking at the opening ceremony of the ninth summit of the China-Africa Cooperation Forum (CCAC).

As the Chinese president clarified, the mentioned amount includes 210 billion yuan ($29.5 billion) on a credit line, 80 billion yuan (about $ 11.2 billion) of assistance "in various forms" and at least 70 billion yuan ($9.8 billion) in investments from Chinese companies.

"China will encourage and support Africa in issuing panda bonds (debt instruments denominated in yuan) in order to strengthen our results-oriented cooperation in all areas," he added.

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