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China, Africa ink $17 bln preliminary cooperation pacts

By Chen Aizhu
Posted on Thursday, 28 July 2016 12:48

Companies and financial institutions signed letter of intent for 39 cooperations pacts at a China-Africa economic and trade event in Beijing attended by more than 400 delegates. Xinhua did not give further details.

Last year, Chinese President Xi Jinping announced a $60 billion development initiative at a summit in South Africa, saying it would boost agriculture, build roads, ports and railways and cancel some debts. Such an initiative would proceed despite China’s slowing economy, Chinese officials have said.

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