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China Announces $60 bn Loan to Struggling Africa

  • As Africa struggles with increasing debt distress, Xi Jinping, the President of China, has declared an aid for the continent amounting to $60 billion. The announcement was made during the triennial meeting 'Forum on China-Africa Cooperation' (FOCAC) which takes place between the senior leaders of both the countries. The money raised is the same which Beijing vowed to give at the 2015 summit of FOCAC.

    However, the economist for the Standard Bank Group, Jeremy Stevens, feels that loaning huge sums to Africa would be politically inappropriate since Africa is getting loaded with China's debt.