Africa to receive $60bn from China

China is to provide $60bn in funding to support African development; today’s pledge follows $6.5bn agreement signed with South Africa

In his address to the Johannesburg Summit of the Forum on China-Africa Cooperation, Chinese President Xi Jinping told African leaders that China will provide $60bn over the next three years to implement “10 cooperation plans”. He said these plans are aimed at addressing inadequate infrastructure, lack of professional and skilled personnel and funding shortage.
Ahead of the summit in Johannesburg, the Chinese and South African governments signed 26 agreements worth $6.5bn (R94bn) this week covering areas including education, health, rolling stock, nuclear energy renewables and the upgrading of the national electricity transmission and distribution system.
Specific agreements include strategic cooperation to fund infrastructure and industrial development projects in South Africa and the rest of Africa between the China Construction Bank Corporation and the Industrial Corporation of South Africa. 
The Export and Credit Insurance Corporation of China (Sinosure) is to provide insurance support to rail, port and pipeline company Transnet, with a total amount of no more than $2.5bn in relation to the procurement by Transnet of products and equipment from Chinese enterprises, and projects contracted by Chinese enterprises in South Africa, as well as operation, maintenance and other related services. The quota will be used for projects in South Africa including railway, ports and pipeline and other projects recognised by both parties.
Standard Bank and the Industrial and Commercial Bank of China (ICBC) will facilitate the raising of Rand-denominated funding for the ICBC, which will be made available to strengthen the various sectors of the South African economy, with a particular focus on power and infrastructure. The agreement is worth up to $693m (R10bn) over the next five years.
An agreement between Investec and the China Export-Import Bank establishes a framework for developing a long-term business relationship between the two banks, to promote cooperation in several areas including project finance