Subscribe to Breaking News emails

You have successfully subscribed to the Breaking News email.

Subscribe today to be the first to to know about breaking news and special reports.

China Unveils $12 Billion in Extra Aid For Africa

/ Source: Reuters

Africa's richest man

Apr.29.201402:57

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.

BEIJING - Chinese Premier Li Keqiang unveiled extra aid for Africa totaling at least $12 billion on Monday, and offered to share advance technology with the continent to help with development of high-speed rail, state media reported.

Li pledged the additional funding in a speech at the Organisation of African Union headquarters in the Ethiopian capital, Addis Ababa.

China will increase credit lines to Africa by $10 billion and will boost the China-Africa Development Fund by $2 billion, bringing it to a total of $5 billion, Li said, according to the official Xinhua news agency. He provided no details of the time-frame.

Li "depicted a dream that all African capitals are connected with high-speed rail, so as to boost pan-African communication and development," the report said. As China has advanced technologies in this area, Li said China was ready to work with Africa "to make this dream come true."

Africa's richest man

Apr.29.201402:57

China will also offer $10 million in aid for wildlife protection, Li added, for a part of the world where the Chinese appetite ivory and rhino horns have driven some species to the brink of extinction.

It is Li's first visit to Africa since he became premier last year, and follows on from a trip to the continent by President Xi Jinping in March 2013, when he renewed an offer of $20 billion in loans to Africa between 2013 and 2015.

Li said that the new $10 billion credit line would be on top of the existing $20 billion already offered, the China News Service reported.

Chinese officials said last week that Li's trip, which also takes in oil-rich Nigeria and Angola, would not simply be for energy deals and Beijing will be seeking to help boost African living standards.

Li said he hoped that some of the loans being offered would be used to support small and medium-seized companies in Africa.

- Reuters

Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.
MORE FROM news