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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.

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China pledges USD 20bn in credit for Africa

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