China doubles loans to Africa

2012-07-19 07:44
Chinese President Hu Jintao. (AP)

Chinese President Hu Jintao. (AP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Beijing - President Hu Jintao said on Thursday China would offer $20bn in new loans to Africa, as he delivered a speech to a Beijing forum on co-operation with the resource-rich continent.

The pledge - double the amount Beijing agreed to lend to Africa at the last forum in 2009 - underscores China's growing links with African nations as it looks to secure key commodities to feed its economic growth.

Hu said the loans would focus on supporting infrastructure, manufacturing and the development of small businesses in Africa, although he did not specify what time period they would cover.

"China and Africa's destinies are closely linked, Chinese and African friendship is deeply rooted in the hearts of the people on both sides," he said, delivering an opening address to an audience of African leaders.

Beijing's involvement in Africa dates back 60 years, when Chinese workers arrived to lay railway tracks and roads.

But there has been a surge in investment in the past 15 years and China is now Africa's largest trading partner.

Trade between the Asian powerhouse and the continent hit a record $166.3bn last year, from less than $20bn a decade earlier and up 83% on 2009, according to government data.

Once seen as strictly interested in extracting raw resources and investing in infrastructure, China has interests on the continent that are increasingly shifting to investing in institutions and governments, experts say.

Read more on:    hu jintao  |  africa  |  china
NEXT ON NEWS24X

SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining

Inside News24

 
/News
 

Top 10 richest musicians of all time

Check out the gallery to find out who they are!

 
 

Luxury living

10 of the most expensive things that will leave your jaw hanging!
Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Traffic Alerts
Horoscopes
Aquarius
Aquarius

Innovation, idealism, romanticism and other far reaching dreams can lead you into a spiral of enthusiasm and excitement. Somewhere...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.