RSS
Home
China pledges $10 Billion in loans to African Nations
Print
Email
RSS
Subscribe
Chinese Prime minister Wen Jiabao at the 4th Ministerial Conference in Egypt today, Sunday, Nov. 8, 2009. (AP Photo/Amr Nabil)
In a statement made today by Chinese Prime Minister, Wen Jiabao, he said he wants to help Africa build its financing capacity by providing $10 billion in concessional loans.
Wen’s pledge to African nations was made at the end of the Sino-African Forum in Egypt’s Sharm el shjeik resort today.
As part of an eight-point plan, he said China would also build 100 new clean energy projects for the continent and bio-gas plants. He said the money would also increase infrastructure and agriculture projects and will provide a one-billion-dollar loan for "for small and medium-sized businesses."
The new low interest loans he said would be given to the African nations over three years. He dismissed critics that Beijing’s motives in Africa are far from being selfish.
Critics have been on the record saying China is only interested in African resources.
"Why do some only criticize China?" Wen asked. "Is this a view representing African countries, or rather the view of Western countries?" he said, insisting China's aid was "selfless. "Any person who is familiar with China-Africa interaction knows that relations between the two sides did not begin yesterday," Wen said.
China's friendship with Africa dates from the 1950s, when Beijing backed liberation movements fighting colonial rule.
According to Chinese figures, over the past five years, Chinese direct investment in Africa has soared, from 491 million dollars in 2003 to 7.8 billion dollars in 2008, The Total trade between China and Africa topped 100 billion dollars in 2008 -- a tenfold increase in eight years.
Chinese firms are said to have been pouring investments into oil and other raw materials in Africa to fuel the Asian country's booming economy.
While the friendship between Africa and China has been a long one, many critics are saying this will step up a courtship that has already gained Beijing wide access to oil and minerals across perhaps the most resource-rich continent in the world.
Related Articles:
Add a Comment
