China to offer $20 billion in new loans to AfricaJuly 19, 2012 - 10:44 AMT PanARMENIAN.Net - President Hu Jintao said China will offer $20 billion in new loans to Africa, as he delivered a speech to a Beijing forum on co-operation with the resource-rich continent, according to AFP. The pledge - double the amount Beijing agreed to lend to Africa at the last forum in 2009 - underscores China's growing links with African nations as it looks to secure key commodities to feed its economic growth. Hu on Thursday, July 19 said the loans would focus on supporting infrastructure, manufacturing and the development of small businesses in Africa, although he did not specify what time period they would cover. "China and Africa's destinies are closely linked, Chinese and African friendship is deeply rooted in the hearts of the people on both sides," he said, delivering an opening address to an audience of African leaders. Beijing's involvement in Africa dates back 60 years, when Chinese workers arrived to lay railway tracks and roads. But there has been a surge in investment in the past 15 years and China is now Africa's largest trading partner. Trade between the Asian powerhouse and the continent hit a record $166.3 billion last year, from less than $20 billion a decade earlier and up 83 percent on 2009, according to government data. Once seen as strictly interested in extracting raw resources and investing in infrastructure, China has interests on the continent that are increasingly shifting to investing in institutions and governments, experts say. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |