Chinese premier pledges funds, aid to Africa

The Associated Press

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SHARM EL-SHEIK, Egypt | China’s premier on Sunday promised $10 billion in new low-interest loans to African nations over three years, offering the beleaguered 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 two-day China-Africa summit was warmly received by African leaders and officials.

“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 faces an international arrest warrant — and Zimbabwe’s Robert Mugabe. Both heads of state are out of favor with the West.

Wen said China wants to help Africa build its financing capacity and would provide $10 billion in concessional loans — ones with generous terms.

As part of an eight-point plan, he said China would also forgive government debts of the poorest African nations that have relations with Beijing and would build 100 new clean-energy projects for the continent.

It would also gradually institute a zero-tariff policy on 95 percent of goods from some of the poorest countries. All this would take place over three years.

Posted on Sun, Nov. 08, 2009 11:10 PM

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