Xi Unveils $60 Billion Funding Pledge at South Africa Summit

Rene Vollgraaff, Amogelang Mbatha and Mike Cohen
  • Africa to get $5 billion in interest-free loans, Xi says
  • China investment in Africa fell more than 40 percent in 2014

Chinese President Xi Jinping meets with Togolese President Faure Gnassingbe in Johannesburg, South Africa.

 Photographer: Xinhua/Xie Huanchi via Getty Images

Chinese President Xi Jinping opened a summit with dozens of African leaders in Johannesburg on Friday, pledging $60 billion in funding to promote cooperation and support development efforts in the world’s poorest continent.

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