Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


China doubles loans to Africa

19 July 2012, 08:48

 Beijing - President Hu Jintao said on Thursday China would offer $20bn in new loans to Africa, as he delivered a speech to a Beijing forum on co-operation with the resource-rich continent.

The pledge - double the amount Beijing agreed to lend to Africa at the last forum in 2009 - underscores China's growing links with African nations as it looks to secure key commodities to feed its economic growth.

Hu said the loans would focus on supporting infrastructure, manufacturing and the development of small businesses in Africa, although he did not specify what time period they would cover.

"China and Africa's destinies are closely linked, Chinese and African friendship is deeply rooted in the hearts of the people on both sides," he said, delivering an opening address to an audience of African leaders.

Beijing's involvement in Africa dates back 60 years, when Chinese workers arrived to lay railway tracks and roads.

But there has been a surge in investment in the past 15 years and China is now Africa's largest trading partner.

Trade between the Asian powerhouse and the continent hit a record $166.3bn last year, from less than $20bn a decade earlier and up 83% on 2009, according to government data.

Once seen as strictly interested in extracting raw resources and investing in infrastructure, China has interests on the continent that are increasingly shifting to investing in institutions and governments, experts say.



Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...