China pledges $20bn in credit for Africa at Beijing summit

China has announced doubling the amount of credit to African countries at the Forum on China-Africa Co-operation [Reuters]

China has pledged $20bn in credit to Africa over the next three years and called for more China-Africa co-ordination in international affairs to defend against the “bullying” of richer powers.

Hu Jintao, China’s president, made the announcement on Thursday at a summit in Beijing with leaders from 50 African nations.

The credit line is double the amount offered in 2009 at the last forum held in Egypt.

Hu said the loans would support infrastructure, agriculture and the development of small businesses.

The Chinese leader also called for better co-operation with African countries on international affairs, and promised more Chinese help for African countries in building agricultural technology centres, training medical and other personnel, and digging wells to expand access to clean water.

Trade between the two sides hit a record $166bn last year, a three-fold increase since 2006.

Source: China Customs data; Frontier Advisory Analysis, 2011

China’s Top Five Trading Partners In Africa
 Angola – $24.8bn South Africa – $22.2bn

 Sudan – $8.6bn

 Nigeria – $7.8bn

 Egypt – $7.0bn

Source: China Customs Data, Frontier Advisory Analysis

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