China pledges $20-bn in credit to Africa
20 Jul 2012
China, one of the world's fastest growing economies, has pledged $20 billion in loans to Africa over the next three years, strengthening the ties between the world's second-largest economy and the resource-rich nations of the African continent.
The announcement came from the Chinese president Hu Jintao who opened the 5th ministerial conference of the forum on China-Africa cooperation in Beijing on Thursday, attended by leaders from 50 African nations.
The loan pledge is double the amount China agreed to lend to Africa at a similar event in 2009. Over the last decade, China has invested heavily in several infrastructure, energy and other projects in Africa.
"We want to continue to enhance our traditional friendship, rule out external interference and enhance mutual understanding and trust," Hu said.
"In the next three years, the Chinese government will take measures in the following five priority areas to support the cause of peace and development in Africa and boost a new type of China-Africa strategic partnership," Hu further stated.
The measures will include a $20-bn credit line targeted towards the development of infrastructure, agriculture, manufacturing and small and medium-sized businesses.
