China's Xi offers another US$60 bil to Africa, but says no to 'vanity' projects

(Sept 3): Chinese President Xi Jinping offered another US$60 billion ($82.3 billion) in financing for Africa on Monday and wrote off some debt for poorer African nations, while warning against funds going towards "vanity projects".

Speaking at the opening of a major summit with African leaders, Xi promised development that people on the continent could see and touch, but that would also be green and sustainable.

China has denied engaging in "debt trap" diplomacy, and Xi's offer of more money comes after a pledge of another US$60 billion at the previous summit in South Africa three years ago.

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