Chinese leader Xi pledges $50 Billion in new African investment

The China-Africa Cooperation Summit (FOCAC) is expected to conclude Friday in Beijing. Chinese leader Xi Jinping pledged on Thursday more than $50 billion in financing for Africa over the next three years. According to the French News Agency (AFP) he promised to deepen cooperation in infrastructure and trade with the continent as he addressed Beijing's biggest summit since the Covid pandemic. Xi said more than half of that will be in credit. More than 50 African leaders and UN Secretary-General Antonio Guterres are attending this year’s China-Africa forum. Kevin Gallagher, Professor and Director of Boston University’s Global Development Policy Center, tells VOA’s Carol Van Dam, the biggest problem is that several African nations have now turned to private bondholders after shunning loan conditions dictated by the International Monetary Fund and the World Bank