Arab Today, arab today china to lend usd 20 billion to africa
Last Updated : GMT 16:15:57
Arab Today, arab today
Arab Today, arab today

China to lend USD 20 billion to Africa

Arab Today, arab today

Arab Today, arab today China to lend USD 20 billion to Africa

Beijing - QNA

China\'s President Hu Jintao offered USD 20 billion in development loans for Africa over the next three years at the opening of a Sino-African ministerial forum in the Chinese capital Thursday. The line of credit would support \"infrastructure, agriculture, manufacturing and small- and medium-sized enterprises,\" Xinhua quoted Hu as saying at the fifth ministerial conference of the Forum on China-Africa Cooperation being held in Beijing Thursday and Friday. Trade between China and Africa has risen tenfold in less than a decade, the official China Daily reported Thursday, averaging 33.6-per-cent growth a year in the last decade. China surpassed the United States as Africa\'s largest trading partner in 2009, with Sino-African trade hitting 166.3 billion dollars in 2011, up 28 per cent on the previous year, according to Ministry of Commerce data.

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