China builds relationship with Africa
Friday, May 18, 2007 - FreeMarketNews.com
Leaders from China are insisting that they are strengthening relation with African nations following a two-day African Development Bank meeting held in Shanghai, according to BBC and Business Report.The meetings were focused on increasing financial aid for economic development projects in Africa. Chinese leaders brushed off criticism that they are only interested in African resources, and made a pledge to provide $5 billion in financial aid to Africa within the next two years. China has already written off $1.5 billion in African debt, and it is committed to write more debt off.China and Africa are increasingly relying on each other. About one third of China's oil supply comes from Africa and trade between the two has increased by 400 percent over the last 6 years to $55 billion.
Leaders from China are insisting that they are strengthening relation with African nations following a two-day African Development Bank meeting held in Shanghai, according to BBC and Business Report.The meetings were focused on increasing financial aid for economic development projects in Africa. Chinese leaders brushed off criticism that they are only interested in African resources, and made a pledge to provide $5 billion in financial aid to Africa within the next two years. China has already written off $1.5 billion in African debt, and it is committed to write more debt off.China and Africa are increasingly relying on each other. About one third of China's oil supply comes from Africa and trade between the two has increased by 400 percent over the last 6 years to $55 billion.
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