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

India Central Bank Cutting Cash Reserve Ratio to Boost Lending

In a bid to boost lending and revive domestic demand, the Reserve Bank of India (RBI) lowered the amount of

China’s economy is in big trouble

China will take over the world’s economy. This was quite a slogan about China chanted for a long time, as

US hails ‘progress’ in Pacific trade talks

SAN DIEGO — Negotiators from the United States and eight other Pacific Rim countries concluded a round of talks Tuesday

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Your e-mail address will not be published.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.