(This Day/AllAfrica.com) Chinese Premier, Wen Jiabao, has said his country’s policy of trade and investment expansion in African countries, including Nigeria, was not another way of putting debt burdens on the countries, but to help them grow at a fast pace needed for development.
This is on the heels of plans by a group of Chinese firms to invest $2billion in the south East zone of Nigeria.
Speaking at the opening session of the Annual Meetings of the African Development Bank (AfDB) Group in Shangai, China yesterday, the Premier said China is “truly sincere in helping Africa speed up economic and social development for the benefit of the African people and its nations”.
While recalling a pledge given by China at last November’s summit with African Heads of State in Beijing to double aid to Africa by 2009 and to set up a $5 billion development fund, Jiabao added that “We will fully deliver on our statement and we are working with African countries to implement these measures”.
He added that China will continue to offer aid to African countries through the AfDB and other multilateral institutions and that new ways should be explored to consolidate cooperation and upgrade current efforts to bring about mutual benefit.
While disclosing that his country had cancelled $1.42 billion of African debt, he also announced an additional relief of 10 billion yuan (about $1 billion). (more…)
Sorry, but nothing is free. China is getting something out of this, big time.
