China offers Africa USD 20bn in loans

Chinese President Hu Jintao on Thursday offered USD 20 billion in loans to African countries over the next three years, twice what it offered for the prior three-year period.

July 19, 2012 / 09:55 IST

Chinese President Hu Jintao on Thursday offered USD 20 billion in loans to African countries over the next three years, twice what it offered for the prior three-year period.

Hu made the announcement in a speech to African leaders in Beijing at a summit held every three years.

In 2009, Chinese Premier Wen Jiabao promised Africa USD 10 billion in concessional loans, while Hu unveiled USD 5 billion in loans and credit at the 2006 summit.

first published: Jul 19, 2012 08:36 am

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