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Home >> Business
UPDATED: 08:31, January 30, 2007
African debts to be written off
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China will write off debts owed by 33 African countries to honor the pledge it made at the Sino-African Forum in November, the Ministry of Commerce said yesterday.

The announcement came on the eve of President Hu Jintao's departure on an African trip which will take him to Cameroon, Liberia, Sudan, Zambia, Namibia, South Africa, Mozambique and the Seychelles.

The ministry did not reveal the total amount of debt which became due at the end of 2005 to be waived this year.

Meanwhile, preferential loans worth $3 billion will be provided to help African countries build infrastructure, buy machinery and electronic equipment, and set up manufacturing plants.

Other assistance projects include:

Building a 50,000-square-meter international conference center for the African Union. The project is scheduled to be completed in 2010.

Sending more than 100 senior agricultural experts to 34 African countries in three years.

Building general or special hospitals with 100 to 150 beds in countries that have poor medical facilities; and providing anti-malarial medicines to 33 countries.

Dispatching about 300 young volunteers over the next three years.

Helping build 100 primary schools before 2009, each of which will be able to accommodate 300 pupils.

According to statistics from the General Administration of Customs, the country's trade with Africa last year grew 40 percent year on year to hit $55.5 billion. China's exports stood at $26.7 billion while imports were $28.8 billion.

China's direct investment in the continent totaled $370 million last year, covering trade, manufacturing, resources, transportation and agriculture.

Xinhua contributed to the story

Source: China Daily


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