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Checkbook diplomacy? China pledges $20 billion in credit to Africa
China's President Hu Jintao (right) shakes hands with South Africa's President Jacob Zuma during the opening ceremony of the Fifth Ministerial Conference of the Forum on China-Africa Cooperation in Beijing on Thursday.
By NBC News wire services
BEIJING -- Chinese President Hu Jintao on Thursday pledged African governments $20 billion in credit over the next three years and called for more China-Africa coordination international affairs to defend against the "bullying" of richer powers.
Hu made the lending pledge during the opening ceremony of the Forum on China-Africa Cooperation in Beijing. The credit line is double the amount offered in 2009 at the last forum held in Egypt.
Hu promised more Chinese help for African countries in building agricultural technology centers, training medical and other personnel, and digging wells to expand access to clean water. China will encourage investment and assistance in infrastructure that facilitates trade within Africa, he said.
China has emerged as Africa's main trading partner and a major source of investment for infrastructure, pouring billions of dollars into roads and developing the energy sector across the continent.
But the loans could add to discomfort in the West, which criticizes China for overlooking human rights abuses in its business dealings with Africa, especially in Beijing's desire to feed its booming resource-hungry economy.
Checkbook diplomacy? China pledges $20 billion in credit to Africa - World News
Kenya to reap big as China doubles loans to Africa
Chinese Premier Wen Jiabao and Kenyan Prime Minister Raila Odinga during a photo session in Beijing on July 18, 2012.
By Alphonce Shiundu in Beijing
Posted Thursday, July 19 2012 at 10:12
Kenya is set to benefit from a Sh1.7 trillion-loan-facility (USD 20 billion) which China has pledged for African countries over the next three years.
China's President Hu Jintao announced the colossal amount Thursday, and added that the next three years will be the time for a "solid and greater progress" in the relations between China and the African countries.
President Hu spoke as he opened a meeting between African leaders and China –the Forum for China Africa Cooperation – that is held every three years in Beijing.
He said the money will go to infrastructure, manufacturing, technology, culture and small and medium enterprises.
To tame the proliferation of substandard goods, the Chinese Head of State said his country will be partnering with African countries to "upgrade customs and commodity inspection" joints.
Though the details of disbursement will be thrashed out at a meeting of ministers later on Thursday and Friday, Kenya's delegation to China led by Prime Minister Raila Odinga is optimistic that the many infrastructure projects being implemented will benefit from the loan.
Kenya to reap big as China doubles loans to Africa*- Africa*|nation.co.ke
