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Africa to Receive $20 Billion in Unconditional Loans from China

china_africaChinese President Xi Jinping has reiterated his country’s commitment to cooperate with Africa, revealing that Beijing would give the continent $20 billion loan to cater for 2013-14 programs.

Xi made the commitment while addressing the world on Chinese policies towards Africa at the new Mwalimu Julius Nyerere Convention Centre in Dar es Salaam, Tanzania on Monday.

He said his country aimed at strengthening the cooperation between Tanzania and Africa at large, noting that China’s good relation with the continent was traceable to the days of the liberation struggles.

The President took the opportunity to refute claims that China was bent on exploiting Africa through its investments in the continent.

“In this new environment, our relation with Africa has become very important, for we share common interests. . . and sincerity has always been the key to our unity and cooperation,”  Xi said..

“China is against any form of bullying of small economies by the stronger ones and we always look forward to safeguarding the interests of emerging economies,” he added.

President Xi further called for other countries not to interfere with African affairs.

“Africa should always be for Africans,” he stressed.

Speaking about China’s foreign investments and trade,  Xi said his government had set aside $20 billion, which will be lent to African countries for the financial year 2013-14.

The money, said President Xi, should go toward improving infrastructure as well as agriculture.

He noted that as of December 2012, China had invested a total of $15 billion in Africa.

On trade, the leader of the world’s second largest economy after the US said currently, China–Africa trade volume stood at $200 billion.

He also used the occasion to outline some of China’s plans to empower Africa technologically…

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