China offers 220 mn dollars loan to African firms

China has signed contracts worth $220 million with African countries to support projects of small and medium firms in Africa, the Chinese ministry of commerce said.

China has signed contracts worth $220 million with African countries to support projects of small and medium firms in Africa, the Chinese ministry of commerce said.

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Besides the fund for 13 projects, the China Development Bank has pledged support for 19 other projects with loans totalling $483 million, Xinhua reports.

The special loans to the African enterprises have led to the creation of 1,500 jobs and has also facilitated foreign trade worth more than $40 million, the ministry said.