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Sunday, June 12, 2011

China expanding into Africa

China has signed contracts valued at $220 million with African countries, offering loans from a special fund to support 13 projects of small and medium enterprises (SMEs) in Africa, the Chinese Ministry of Commerce (MOC) said Thursday.

Besides the contracting funds, the China Development Bank (CDB), the undertaker for the special loans, has pledged support for 19 projects with commitment loans totaling $483 million, according to MOC.
The special loans to African SMEs have created 1,500 jobs and facilitate foreign trade of more than $40 million in African countries, said MOC.

China has granted $961 million loans to 34 SME projects in 23 countries in northern, southeastern and central-western Africa since the Chinese government pledged that its financial institutions would set up a $1-billion special loan to support Africa's SMEs during the ministerial meeting of the China-Africa Cooperation Forum held in Egypt in 2009.

3 comments:

  1. hoping for good things from this relationship.

    ReplyDelete
  2. Ha ha China trying to take over lol. No chance.

    ReplyDelete
  3. who started dictator ship in africa and made them a mess?

    ReplyDelete

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