In response to accusations of encouraging “debt trap” diplomacy in Africa, Chinese President Xi Jinping said the announced aid package is not “a scheme to form an exclusive club or bloc against others. Rather it is about greater openness, sharing and mutual benefit.”
Chinese President Xi Jinping has offered a $60 billion aid package to African countries over the next three years, in response to the continent’s increasing debt distress — with no strings attached.
China’s investment plans include $5 billion in African exports, $10 billion for development, and $15 billion grants and interest-free loans. A $20 billion credit line will also be included, as well as emergency food aid, scholarships and vocational training, and increased agricultural development. Continue reading