China pledges funds and aid to Africa

CHINA’S premier yesterday pledged $10 billion (€6.73bn) in low interest loans to African nations over the next three years and said Beijing would cancel the government debts of some of the poorest of those countries, as the Asian powerhouse looked to deflect criticism that its investments in the continent were motivated purely by greed.

At a two-day China-Africa summit that began yesterday, Wen Jiabao also said China would build 100 new clean energy projects for Africa over the same period as part of an effort to help the continent deal with climate change issues.

“We will help Africa build up financing capacity,” Wen said at the start of the two-day Forum on China-Africa Cooperation summit. “We will provide $10 billion in concessional loans to African countries.”