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China and West African nations on Thursday signed a credit agreement that involves tens of millions of euros, a follow-up to the China-Africa summit held last month in Beijing.

 

At the end of a two-day forum, the China Day of Economy, the Import and Export Bank of China and the West African Development Bank (WADB) signed the document under which China will provide 70 million euros (US$90.7 million) in credit.

 

The People's Bank of China signed a separate agreement with the WADB to provide US$1 million dollars in a technical cooperation fund.

 

On behalf of Togolese Prime Minister Yawovi Agboyibo, who opened the China Day of Economy in Lome on Wednesday, Minister of Commerce, Industry and Handicrafts Jean-Lucien Savi de Tove addressed the closing of the forum, saying it has brought hope of economic development to the West African Economic and Monetary Union (UEMOA).

 

He said he was looking forward to a new era of economic cooperation and mutual benefits between China and the UEMOA.

 

The economic integration in the region must be based on the model of a fruitful strategic partnership between China and African nations, the minister added.

 

During the China Day of Economy, participants explored ways to broaden cooperation, especially in personnel training, technical transfer and infrastructure construction. They also exchanged views on regional investments and economic potential, reaching the consensus that closer ties should be forged between Chinese and West African business circles.

 

The UEMOA, established in 1994, groups Burkina Faso, Mali, Senegal, Togo, Benin, Niger, Cote d'Ivoire and Guinea-Bissau. The group, which comprises all of France's former West African colonies except Guinea, aims to promote the free movement of people, goods and capital among the member states. The UEMOA states are also members of the larger Economic Community of West African states formed by all the 16 countries in the West African region.

 

(Xinhua News Agency November 24, 2006)