Kemo Cham, AfricaNews reporter in Dakar, Senegal
Upcoming World Super Power China has pledged $10bn in new low loans to Africa over the next three years. This was revealed by the Chinese Premier Wen Jiabao, who was addressing a gathering of business men and officials on Sunday, at a summit in the Egyptian Red Sea Resort of Sharm El-Sheikh.
This is part of a two-day forum on China-Africa cooperation, and it was attended by officials from 50 nations.
"The Chinese people cherish sincere friendship toward the African people, and China's support to Africa's development is concrete and real," Wen said at the forum. He noted that China wants to help Africa build its financing capacity and that it would provide the continent $10 billion in concessional loans.
As part of the overall Chinese-Africa cooperation plan for the next three years, Premier Wen Jiabao revealed, his country will also write out debts owed to it by the poorest African nations that have relations with Beijing, promising further to build 100 new clean energy projects for the continent, as well as reduce import tariffs on goods from the continent. All this would take place over three years. But all these, according to the Chinese premier’s statement, are opened for countries with diplomatic relations with China. This leaves out four – Burkina Faso, Gambia, Sao Tome and Principe as well as Swaziland in the cold, AfricaNews reporter said.
Several heads of state and governments are attending the meeting. The host president, Egyptian leader Hosni Mubarak, said at the fourth China-Africa forum, that there is the need for peace and security to ensure growth. He called for further boosting in the cooperation between China and Africa.
The West has previously accused China of plundering Africa's natural resources - to fuel its booming economy - and of overlooking the human rights records of some governments they do business with.
This $10bn pledged by the Chinese represent a double to that pledged ($5bn) during the last China-Africa summit held in the Chinese Capital of Beijing in 2006. Then the parties also signed agreements to relieve or cancel the debt of more than 30 African countries.
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