Zhou Xiaochuan, governor of the People's Bank
of China, the central bank, spoke highly of the new achievements in
China-Africa ties since last November when the Beijing Summit of
the Forum on China-Africa Cooperation was held.
China has been working hard to strengthen the cooperation in
many areas with the implementation of aid and assistance measures,
Zhou said at the annual board meetings of the African Development
Bank held here on May 16 and 17.
China has in the primary stage selected 30 programs in 20
African countries as preferential loan receiver and signed with
Chad, Cameroon and Mozambique the preferential loan agreements.
In addition, Namibia has been granted US$100 million of
preferential export buyer's credit.
The China-Africa development fund has been approved by Chinese
government, with one billion U.S. dollars covered during the first
phase, three billion dollars during the second phase and five
billion in the end.
The fund, set up to encourage Chinese companies to invest in
Africa and provide support to them, will be operated by
professional fund managers according to market rules, and relative
procedures will soon be produced.
China has signed agreements with 11 African countries to cancel
their debts, and will handle debt-canceling formalities with other
22 countries in 2007.
Zhou said the country also managed to strengthen cooperation
with both the ADB and other African financial institutions such as
the West African Development Bank and the Eastern and Southern
African Trade and Development Bank.
The African Development Bank (AfDB) opened its annual board
meetings in Shanghai on Wednesday, which are seen as a move to
strengthen China-Africa cooperation.
(Xinhua News Agency May 18, 2007)
