China Sets Up $2Bn Fund For 600 Projects In Africa

China Sets Up $2Bn Fund For 600 Projects In Africa
Chinese Lade Xi Jin Ping on a recent tour of several African countries

AFRICANGLOBE – China will set up a $2 billion fund for an initiative involving 600 projects in African and Asian countries, Zhang Jun, director-general at China’s Ministry of Foreign Affairs’ Department of International Economic Affairs, said in New York.

The fund will focus on areas such as education, poverty reduction, health care and infrastructure in less-developed regions, China President Xi Jinping said earlier in a speech at the United Nations in New York.

China will seek to increase the fund to $12 billion by 2030, and will write off interest-free loans owed by the least developed regions, he said.

“China will not impose political conditions on countries in getting access to the fund,” Zhang said at a briefing.

The “Six 100s” initiative, was declared at a South-South cooperation roundtable Xi hosted.

Also during the period, Beijing will provide 120,000 opportunities and 150,000 scholarships for citizens of developing countries to receive training and education in China, and help nurture 500,000 professional technicians for the developing world, Xi added.

China, said the president, will also set up an Academy of South-South Cooperation and Development.