China Pledges $60 Billion in Financing to an Increasingly Debt-Distressed Africa

Jennifer Spies led Facebook’s product development for the Middle East and Africa, and has over a decade of experience building products that connect communities. Prior to Facebook she served as a foreign policy advisor for Middle Eastern economic security, and worked with in Rwanda. 

On September 3 and 4, leaders of fifty-three African nations gathered in Beijing for the seventh Forum on China-Africa Cooperation (FOCAC), where President Xi Jinping unveiled a new pledge of $60 billion in financing for Africa. While heads of state flew home praising the friendly relations between Africa and China, the summit’s tone highlighted China’s attempt to remake its image on the continent, one that has soured in recent years over concerns around China’s role as a lender.

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