China will cut the amount of money it supplies to Africa over the next three years by a third in a sign of Beijing’s growing caution over the continent’s indebtedness.
In a video address to the triennial Forum on China-Africa Cooperation being held in Senegal, Chinese president Xi Jinping pledged $40bn to African countries in investment, credit lines, trade finance and special drawing rights.
While this represents a cut from the $60bn pledged at the previous two Focac summits, Xi emphasised his commitment to what he called a “win-win” relationship.
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