Chinese And African Companies Sign $17 Billion Preliminary Cooperation Pacts

Chinese companies and banks agreed preliminary deals with African counterparts on $17 billion worth of cooperation in sectors including infrastructure, energy, pharmaceuticals and information technology.

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.

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. Read more on this story here.