China Promises $10B in Cheap Loans to Africa

Nov 11 2009 | 8:49am ET

At the close of two days of discussion on cooperation between China and Africa in Sharm el-Sheikh, Egypt, China announced $10 billion in cheap loans to the continent, including funding for clean energy projects.

Beijing emerged from the China-Africa Cooperation Conference pledging to “work within its means to increase aid to Africa, reduce or cancel debts on African countries, in addition to increasing investments in Africa and open more markets,” according to Egypt’s state-run Middle East News Agency.

China promised to construct 100 new clean energy projects, but offered no further details on the types of undertakings to be funded.

China’s Foreign Ministry spokesman Qin Gang told reporters China will “listen to the suggestions of the African countries and we will take into consideration the specific situation of [each] country, so as to map out the plan for the future use of those loans.”

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