China to provide $10 bn loan to Africa

China announced eight new measures including $10 billion in concessional loans to African countries and debt waiver to poorest of these nations, a move seen as a part of Communist nation's increasing push into the continent.

China on Sunday announced eight new measures including $10 billion in concessional loans to African countries and debt waiver to poorest of these nations, a move seen as a part of Communist nation's increasing push into the continent.

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Chinese Premier Wen Jiabao announced the measures during opening ceremony of the Fourth Ministerial Conference of the Forum on China-Africa Cooperation (FOCAC) in the Egyptian resort of Sharm el-Sheikh.

Wen said that as part of its support for Africa and growing trade ties with China, Beijing would take eight new measures over the next three years, including helping continent build up its financing capacity.

"We will provide $10 billion in concessional loans to African countries," Wen said.

But Wen said while many in the world have only now begun to take note of China's role in Africa, it was a relationship that dates back five decades.

"The Chinese people cherish sincere friendship toward the African people, and China's support to Africa's development is concrete and real," he said

Along with the loans, China would double the amount pledged two years earlier at a similar summit in Beijing.