Click the following link to watch video: Source: Reuters InsiderDescription: Chinese President Xi Jinping offered another $60 billion infinancing for Africa and wrote off some debt for poorer African nations. ThuyOng reports.Short Link: Video Transcript:Another $60 billion from China to Africa. The money will fund projectsincluding infrastructure like railways and roads. Chinese President Xi Jinpingpledged the same amount three years ago and says the new investment must giveboth countries tangible benefits.Government debt from China'sinterest-free loans due by the end of 2018 will be written off for indebtedpoor African countries as well as for developing nations in the continent'sinterior and small island nations.25% of the money will be aid butthey'll also be interest-free loans and concessional loans. Chinese companiesare also being encouraged to invest at least $10 billion into the continentover the next three years. South Africa's president believes it will improvethe quality of African lives.In the values that it promotes, in themanner that it operates and in the impact that it has on African countries,FOCAC refutes the view that a new colonialism is taking hold inAfrica.China's influence in Africa is huge. One company, PowerChinais currently working on 844 project contracts worth $35 billion in 46 Africancountries. Beijing has faced criticism it's only interested in resourceextraction to feed its booming economy and that projects funded have poorenvironmental safeguards. But China is promising more sustainability. It saysit will carry out 50 projects on growing development and environmentalprotection. Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.