China will provide $60 billion in financial support to Africa, President Xi Jinping said on Monday, opening a major China-Africa summit. Addressing leaders at Beijing’s Great Hall of the People, Xi said the new $60 billion will include $15 billion of aid, interest-free loans and concessional loans, a credit line of $20 billion, a $10 billion special fund for China-Africa development, and a $5 billion special fund for imports from Africa, Reuters reports. Beijing will also expand its imports from Africa, especially for non-resources products, and will facilitate African financial institutions’ bond issuances in China, Xi added.