President Xi Jinping has announced that China will help develop Africa by extending $60 billion in the form of grants, loans and development funds, as well as scholarships and training for thousands of Africans in three years.

The Chinese leader made the announcement during the China-Africa major summit held in Johannesburg, where multi-billion mega deals were inked by the two countries.

Like Us on Facebook

Earlier, the Chinese leader visited Zimbabwe where he pledged more than $700 million in new investments.

Unstoppable

President Xi told more than 35 African heads of state that the momentum of rapid growth in Africa was 'unstoppable' and that he will make sure China will be involved every step of the way in the continent's progress.

South Africa's President Jacob Zuma, joint host of the summit, welcomed the two countries' deepening relations as he emphasized the importance of China's generous involvement in supporting its fragile economy.

"China has become Africa's largest trade partner, and Africa is now one of China's major import sources and fourth largest investment destination. This partnership can only yield further positive results for Africa's development," Mr Zuma said.

Political observers said although the announcement was widely anticipated, the amount of the economic package exceeded the Africans' expectations.

Infrastructure projects

Much of the package will be allotted for infrastructure projects to boost the economy although details of the $60 billion investments have yet to be mapped out.

Xi said that with the African continent and China making up a third of the world's population, there are new and huge markets to tap and great production possibilities for the two countries to enter into.

President Zuma said the African countries have been struggling with unemployment among the youth and that there is so much pressure for the African leaders to come up with economic and development plans and create jobs.

Long term commitment

Although Chinese demand for African products has plummeted, which meant a huge cut on foreign exchange earnings for the people of Africa, observers say China is committed to help the continent for the long haul.

The $60 billion economic package will focus on 10 areas of development, which include agricultural modernization, infrastructure, industrialization, financial services, and peace and security.

The two-day Forum on China-Africa Cooperation (Focac) is the second time China has brought together African leaders since the forum was launched in Beijing in 2000.

TagsSouth Africa, Zimbabwe, South Africa President Jacob Zuma, economic package, unemployment rate