China has offered Africa concessional loans worth $10 billion as part of a host of new measures aimed at improving the economy of African nations. The anouncement was made at the opening of the Forum on China-Africa Cooperation in Sharm el-Sheikh, Egypt.
China had already stated that Chinese firms would be encouraged to invest in Africa, while both sides would work together to improve the tourism, telecommunications and finance industries. China also said that governments should work with businesses to ensure co-operation between China and Africa.
As well as the loans, made over three years, China will write off the debt of Africa’s poorest countries, build 100 African green energy facilities and systematically lower import duties on 95% of all African products exported to China.
Another promise is a loan of one billion dollars aimed at small and medium-sized businesses in Africa.
Medical assistance comes in the form of RMB500 million ($73.2 million) of goods for the 60 hospitals and malaria centers China has already built, as well as 3,000 doctors and nurses.
Wikinews reported that a criticism has been that China has brought in Chinese workers and used their own knowledge, instead of training locals. Replying to these criticisms Wen Jiaboa said, "Why do some only criticise China? Is this a view representing African countries, or rather the view of Western countries?"