| MARKETS
|
China cements relations with Africa
November 9, 2009
By Tarek el-Tablawy Sharm el-Sheik, Egypt
China's premier yesterday pledged $10-billion (R75.4bn) in low interest loans to African nations over the next three years and said Beijing would cancel the government debts of some of the poorest of those countries, as the Asian powerhouse looked to deflect criticism that its investments in the continent were motivated purely by greed.
At a two-day China-Africa summit that began yesterday, Wen Jiabao also said China would build 100 new clean energy projects for Africa over the same period as part of an effort to help the continent deal with climate change issues.
"We will help Africa build up financing capacity," he said. "We will provide $10bn in concessional loans to African countries."
Concessional loans are ones that offer generous terms - better than market rates - to poorer countries.
China's inroads into Africa have come at a price for Beijing. It has been accused by some in the West of ignoring Africa's needs and the dismal rights records of some of its countries, while looking only to sate its hunger for the fuel it needs to drive its economy.
But Wen said that while many in the world had only now begun to take note of China's role in Africa, it was a relationship that dated back five decades and included helping the countries throw off the yoke of colonialism.
"The Chinese people cherish sincere friendship toward the African people, and China's support to Africa's development is concrete and real," Wen said at a forum that attracted leaders such as Sudan's Omar el-Bashir and Zimbabwe's Robert Mugabe - heads of state out of favour with the West.
"Whatever change that may take place in the world, our friendship with African people will not change. Our commitment to deepening mutually beneficial co-operation... will not change, and our policy of supporting Africa's economic and social development will not change."
Wen said that as part of its support for Africa and growing trade ties with China, Beijing would take eight new measures over the next three years, including helping Africa build up its financing capacity.
China would also build energy projects that covered solar power, biogas and small hydro plants. Other initiatives under the plan include boosting training of African professional, new schools, and phasing in zero tariff treatment for 95 percent of the products from the least developed countries that have relations with it.
The steps are the latest in a growing trade relationship between China and Africa - a push that has seen trade grow tenfold in the past eight years to reach almost $107bn by the end of last year.
The latest pledge for loans builds on $5bn it pledged to Africa during the 2006 Sino-African summit. - Sapa-AP
|
|
|
Social bookmarking allows users to save and categorise a personal collection of bookmarks and share them with others. This is different to using your own browser bookmarks which are available using the menus within your web browser.
Use the links below to share this article on the social bookmarking site of your choice.
Read more about social bookmarking at Wikipedia - Social Bookmarking
|
|
|
News
Markets
Technology News
Company News
International
|
