Chinese President Xi Jinping on Monday announced $60 billion in investments towards development in Africa and vowed that the financing would have “no political strings attached”, Reuters reported. The Chinese president was speaking at the opening of the China-Africa summit in Beijing.

Xi’s announcement followed China’s decision to contribute $60 billion in investments three years ago, the news agency reported. The Chinese president also announced the writing off of interest-free loans to indebted poor African countries.

Beijing has refuted claims of using “debt trap” diplomacy to gain influence in African markets and secure privileged access to resources in the continent. “China-Africa cooperation must give Chinese and African people tangible benefits and successes that can be seen, that can be felt,” Xi said, adding that Beijing will initiate 50 projects for green development and environmental protection in Africa.

“China does not interfere in Africa’s internal affairs and does not impose its own will on Africa,” Xi said. “Resources for our cooperation are not to be spent on any vanity projects, but in places where they count the most.”

The president said his government will nevertheless focus on the commercial viability of projects and ensure their sustainability.