Sharm el-Sheikh, Egypt - Chinese Premier Wen Jiabao on Sunday pledged 10 billion dollars in new loans to African nations for the development of infrastructure and social programs. He made the announcement at the start of the fourth ministerial meeting of the Forum on China-Africa Cooperation (FOCAC) in the Egyptian resort of Sharm el-Sheikh.
"We will help Africa build up financing capacity. We will provide 10 billion dollars in concessional loans to African countries," Wen told the gathering of leaders from some 50 countries across Africa.
The loans are to be distributed over the next three years.
"I came to Sharm el-Sheikh to boost friendship between our country and the African continent ... Whatever change may take place in the world ... our policy of supporting Africa's economic and social development will not change," Wen said.
The two-day FOCAC meeting, opened by the Egyptian President Hosny Mubarak, is to follow up on the implementation of recommendations from the last summit in Beijing in 2006.
China's 10-billion-dollar loan is double that offered at the Beijing summit and in line with an earlier promise to the African continent.
These included commitments by China to double its 2006 assistance to Africa by 2009, to provide 3 billion dollars in preferential loans and 2 billion dollars in preferential buyer's credits to Africa, to establish a special fund of 5 billion dollars to encourage Chinese investment in Africa, and to cancel some debts.
Chinese Foreign Minister Yang Jiechi, who is accompanying Wen, earlier told the official Xinhua news agency that steps agreed to at the Beijing summit had been implemented smoothly.
En route to Cairo, Wen responded to claims that China is exploiting African nations in order to fulfil its own needs for energy and resources.
"Energy is never the main part of our cooperation with Africa. What China expects is comprehensive cooperation of mutual benefits," the China Daily quoted Wen as saying.
On Saturday, Wen held talks with Egyptian President Hosny Mubarak and the two signed a number of economic and cultural agreements.
He also visited the 22-member Cairo-based Arab League, and noted that under the current international political and economic circumstances, "it is in the interests of both China and the Arab countries to enhance cooperation."
Arab League Secretary General Amr Mussa meanwhile expressed gratitude to China for its support for Arab causes.
