socialmedian: China pledges $10bn concessional loans to Africa

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China pledges $10bn concessional loans to Africa

Source: The Guardian

Nov 08, 2009

Summary

Premier Wen Jiabao promises increased investment while rejecting 'neocolonialism' accusations

China's premier pledged $10bn (£6bn) in low-interest loans to African nations over three years, offering the continent sorely-needed cash while dismissing criticism that Beijing's motives in Africa are far from altruistic.

Wen Jiabao's promise at the start of a China-Africa summit was warmly received by African leaders and officials, most of whose nations have been hit badly by the global financial crisis.

"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 al-Bashir – who has an international arrest warrant issued against him – and Zimbabwe's Robert Mugabe. Wen said China wants to help Africa build its financing capacity and would provide the concessional loans with generous terms. China would also forgive government debt of the poorest African nations, would build 100 new clean energy projects for the continent and

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