China Pledges Another $51 Billion For Debt-Distressed Africa- New Debt Trap?
Chinese President Xi Jinping today pledged to step up China's support across the debt-distressed African continent with funding of nearly $51 billion, backing for more infrastructure initiatives and a promise to create at least 1 million jobs.
The commitments were made at the Forum on China-Africa Cooperation Summit in Beijing.
Beijing, the world's biggest two-way lender, also promised to carry out three times as many infrastructure projects across resource-rich Africa, despite Xi's new preference for "small and beautiful" schemes based around selling advanced and green technologies in which Chinese firms have invested heavily.
