Beijing pledges new aid programs for African countries

3 November 2006

Beijing, China, 03 Nov – China is set to announce a new aid, investment, trade and cooperation project package for Africa during the Beijing summit of the Forum for China-Africa Cooperation (FOCAC), the Chinese deputy trade minister, Wei Jianguo said Wednesday in Beijing.

One of the measures will be the creation of an investment fund totaling US$5 billion, the deputy director of the African Studies Department of the Chinese International Studies Institute, Wang Hongyi told Portuguese news agency Lusa.

“As well as helping development in Africa, the creation of the fund will give an internationalization opportunity to Chinese companies that mainly still operate in the domestic market,” Wang said.

According to Wang, the investment fund would be used by Chinese companies that want to invest or implement cooperation projects in Africa, as part of the Forum for China-Africa Cooperation, whose head of state and government summit is due to take place in Beijing this weekend after a preparatory ministerial meeting Friday.

Speaking during a preparatory meeting for the FOCAC leaders summit, China’s deputy trade minister also mentioned measures such as partial debt pardon, tax exemption for African exports to China and training programs for staff as being important to promote China-Africa cooperation. (macauhub)