China pledges $ 20bn in credit for Africa

Beijing, 19 Jul – (ANA) - China has pledged $ 20bn (£ 12.8bn) in credit for Africa over the next three years, in a push for closer ties and increased trade.

President Hu Jintao made the announcement at a summit in Beijing with leaders from 50 African nations. He said the loans would support infrastructure, agriculture and the development of small businesses.

The Chinese leader also called for better co-operation with African countries on international affairs. As developing nations, China and countries in Africa should work better together in response to "the big bullying the small, the strong domineering over the weak and the rich oppressing the poor" in international affairs, said Mr Hu. The loan is double the amount China pledged in a previous three-year period in 2009, since which time China has been Africa's largest trading partner. Trade between the two hit a record high of $ 166bn (£ 106bn) in 2011, Chinese Commerce Minister Chen Deming wrote in the China Daily newspaper, ahead of the two-day forum. (ANA)

FA/ANA/19 July 2012--------