China's Xi pledges $60 bln for development in Africa

China's President Xi Jinping told African presidents on Friday at a summit that his country would provide $60 billion to fund development on the continent, outlining the Asian economic giant wanted to build a relationship of equals.

Xi, who is co-chairing the Forum on China-Africa Cooperation where several African heads of state were attending, outlined a broad ten-point development plan driven by China.

"To ensure the successful implementation of these ten cooperation plans, China decides to provide a total of $60 billion dollars of funding support," Xi said.

More to follow.