China Ups Africa Commitment Even as Both Their Fortunes Fade

China is upping its game in Africa even as its own economy cools and a global slump in commodities hampers the outlook for the world’s poorest continent.

At a summit in Johannesburg with dozens of African heads of state President Xi Jinping, on his second visit to the continent since becoming the leader of the world’s second-largest economy in 2013, announced $60 billion in funding to promote cooperation and support development efforts in the region. This includes $5 billion of interest-free loans and $35 billion in preferential financing, export credit lines and concessional loans. Xi also committed $1.2 billion for work on power plants in Zimbabwe and pledged to invest 94 billion rand ($6.5 billion) in infrastructure and other projects in South Africa. Read More…