Xi Pledges $50 Billion for Africa to Shore Up China’s Influence
- China bolsters ties amid slowdown in lending, debt stress
- Xi addresses Forum on China–Africa Cooperation on Thursday
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President Xi Jinping unveiled a raft of economic sweeteners for Africa, showcasing China’s commitment to strengthening its sway over a continent that’s key to his geopolitical ambitions.
Xi vowed to provide $50 billion in financial support at the ninth triennial Forum on China-Africa Cooperation held in Beijing on Thursday. That included a pledge to triple China’s credit lines to the continent to $30 billion, despite an economic slowdown at home that’s threatening Beijing’s annual growth goal.