China to give Africa $5 bn in loans and credits

BEIJING, Nov 4: China will provide 5 billion dollar in loans and credits to Africa over the coming three years and double aid to the backward but resource rich continent by 2009, China's President Hu Jintao said today.

Hu told delegates from more than 40 African nations who gathered in Beijing that China would provide 3 billion dollar in preferential loans and 2 billion dollar in preferential buyer's credits to Africa.

''Our meeting today will go down in history,'' Hu told the China-Africa Summit.

China also would double its 2006 assistance to Africa by 2009 in an effort to forge a new type of strategic partnership and strengthen cooperation in more areas and at a higher level, Hu said.

REUTERS