China's USD20bn for Africa
BUSINESS| July 20, 2012, 5:29 p.m.
China says it will provide a USD20 billion line of credit for infrastructure development in Africa.
Chinese President Hu Jintao told Government Ministers from 50 African countries at the 5th Ministerial Forum on China-Africa Cooperation (FOCAC) conference in Beijing that China would to assist them in developing infrastructure, agriculture, manufacturing and small and medium-sized enterprises.
Among his pledges, the President saidChina would build more agricultural technology demonstration centers as necessary to help African countries increase production capacity. China will also implement the "African Talents Program" to train 30,000 personnel in various sectors for Africa, offer 18,000 government scholarships, and build cultural and vocational skills training facilities in African countries.
The country also plans to will deepen medical and health cooperation with Africa, help African countries enhance capacity building in meteorological infrastructure and forest protection and management, and assist with projects to supply safe drinking water.
China's trade with and investment in Africa have been expanding, he noted, saying in 2011, our two-way trade reached 166.3 billion U.S. dollars, three times the figure in 2006. Cumulative Chinese direct investment in Africa has exceeded 15 billion U.S. dollars, with investment projects covering 50 countries.
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