China pledges credit worth $20 billion for African countries

President Hu Jintao – China makes pledge to African countries

During a summit held in Beijing which saw the attendance of various leaders and dignitaries from 50 African States, Chinese leader Hu Jintao made an announcement stating that China has pledged to African states 20 billion dollars to support and elevate agriculture, infrastructure and development of business initiatives in the region. The Chinese leader also called up for better co-operation within the African countries especially in matters international affairs. While addressing the members in attendance, Mr. Hu said, “As developing countries, China in partnership with African states should work together in harmony to counter off the big domineering and bullying states. It’s the high time that the strong nations gave a halt to oppressing the poor state in international affairs.”

Apparently, the loan issued is twice the amount China previously pledged in a previous three-year period dating back in 2009, since the time China became Africa’s largest trading partner. According to a statement written by Chinese Minister Chen Deming in one of the Chinese newspapers, it emerged that trade between the two had hit a record high of $166 billion; an equivalent of 106 billion pounds in 2011. “We aim to enhance the trade links and the traditional friendship in order to rule out external interference and enhance a mutual understanding and trust,” said Mr. Hu. Mr. Hu and Premier Wen Jiabao also managed to have talks on Wednesday with African leaders including South African President Jacob Zuma. Africa is deemed to be a rich source of raw materials able to feed China’s booming population in exchange for cheap Chinese products. In return, Africa has benefited in huge infrastructure projects. Mr. Wen said that China would be looking forward this time round to create employment opportunities for the many local residents and work with African states to build a sustainable economic growth.

China offered to make an expansion in the imports of African products and further open its domestic economic market to the African countries. This is bound to create conducive opportunities for a balanced development structure between China and Africa. Mr. Wen however added that China would be paying more attention to environmental issues as well as cultural matters in its dealings with the African continent. ’’As for some existing problems and emerging situations in Africa-China co-operation, the Chinese government is actively working with African nations to seek for effective solutions and measures to take when addressing these predicaments,’’ Mr. Wen said.

 

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