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International relations

China pledges another $60bn to Africa in bid to win allies

Xi Jinping says debt held by continent's poorest nations will be waived

A freight train on the Standard Gauge Railway line constructed by China Road and Bridge Corp. and financed by the Chinese government in Kenya's coastal city of Mombasa.   © Reuters

BEIJING -- Chinese President Xi Jinping offered Africa $60 billion in economic support at a summit that opened here on Monday, seeking to win over countries amid ongoing trade frictions with the U.S.

This year's Forum on China-Africa Cooperation brings together 53 African countries, represented by heads of government and senior officials. The aid announced by Xi includes $15 billion in grants, interest-free loans and concession loans, as well as at least $10 billion in investments by Chinese companies.

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