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UPDATE: China Pledges $10 Bln Loans To African Countries12 days ago
(Adds comments, details.)
SHARM El SHEIKH, Egypt (Dow Jones)--China's Prime Minister said Sunday his country will give $10 billion in loans to African countries without any political strings attached to its assistance
"We will provide $10 billion in concessional loans to African countries," Chinese Premier Wen Jiabao said at the opening ceremony of the two-day Forum On China-Africa Cooperation, or FOCAC, at the Egyptian Red Sea resort of Sharm el Sheikh.
The Chinese premier said the loan package will include a $1 billion special loan for small and medium sized African businesses. Wen added that China will also cancel debts of some African countries.
"For the heavily indebted poor countries and least developed countries in Africa having diplomatic relations with China, we will cancel their debts associated with interest-free government loans due to mature by the end of 2009," said Wen
China's investment in Africa has grown sharply in recent years from a low base, as Beijing catches up with Western companies already established on the African continent. But critics say Beijing's no-strings-attached investments and loans undercut political and economic reform efforts by Western governments and bodies such as the World Bank.
"China has never attached any political strings to its support and assistance to Africa, and nor will it do so in the future," Wen said. "We will put more emphasis on agriculture, education, health, poverty reduction and clean drinking water."
On Saturday, Wen said China will give African goods more access to the Chinese market by gradually removing tariffs for the majority of African countries.
Chinese investment in Africa reached $26 billion by the end of 2008 and trade between China and Africa hit $106.8 billion.
FOCAC, which is held every three years, was first held in Beijing in the year 2000. Three years later, the meeting was held in Addis Ababa in Ethiopia, followed by a China-Africa Summit in 2006.
In 2006, China said it will take measures including canceling debts and lifting tariffs on some goods.
-By Shereen El Gazzar, contributing to Dow Jones Newswires, +20124298286, Shereen.elgazzar@gmail.com
Copyright (c) 2009 Dow Jones & Co.
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