English | دری

China pledges USD 20bn in credit for Africa

in International Business

China pledges USD 20bn in credit for Africa

China pledged USD 20bn in credit for Africa at a summit in Beijing with leaders from 50 African nations.

Africa and China have been trading partners since 2009, when China pledged half of this year’s amount to Africa.

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 President Hu Jintao.

The President called for strengthening cooperation by “enhancing traditional friendship, ruling out external interference and enhancing mutual understanding and trust.”

Africa has a large quantity of natural resources including oil, diamonds, gold, iron, cobalt, uranium, copper, bauxite, silver, petroleum, but also woods and tropical fruits, which makes it the perfect haven for Chinese to fulfill their demands.

There are some existing problems between the two nations. Beijing is accused of corruption and labor abuses in some African countries like Zimbabwe and Zambia.

China’s leader pledged to work actively with African countries to find solutions to the problems.

Mr. Hu also pledged to pay attention to environment protection by the Chinese firms.

Tags assigned to this article:
China pledges USD 20bn in credit for Africa

Related Articles

Panasonic projects USD 9.6bn loss

Faced with falling sales and reconstructing expenses, Panasonic has forecast a net loss of USD 9.6bn The firm has been

Australia's economy grows by more than expected

Australia’s economy grew by more than expected in the first three months of the year, allaying fears of a global

India’s economic growth rate slows to 5.3%

India’s growth slowed in the September quarter, putting more pressure on the government to implement more reforms and ease monetary

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.