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China To Increase Aid To Africa By $12bn

posted May 7, 2014, 5:52 AM by Nnamdi Eguh

VENTURES AFRICA – Africa will receive an additional $12 billion in aid, Chinese Premier Li Keqiang has said.

The Chinese Premier announced this while speaking at the African Union headquarters in Addis Ababa, Ethiopia. He also added that Beijing was ready to allow Africa utilize its advance technology for the development of high-speed rail.

A report by Chinese news agency Xinhua said the Asian powerhouse would increase credit available to Africa by $10 billion and also inject an additional $2 billion in China-Africa Development Fund. The news agency however did not say when the funds would be released.

It is the dream of the Chinese Premier that all capital cities in Africa are connected with high-speed rail, which he noted would bolster true pan-African communication and development, a report by Xinhua said.

Li noted that China’s advancement in these technologies would be helpful for Africa as he noted with enthusiasm that the country was ready to work with Africa “to make this dream come true”.

Apart from the additional $12 billion, Li said Beijing will help Africa protect its rich wildlife, offering $100 million in aid for this.

The visit is the Chinese premier’s first visit to Africa since resuming office last year.

According to Chinese officials, the visit will include Africa’s largest economy, Nigeria and also Angola, both leading oil-producing countries on the continent. They noted however, that the visit would be more than just energy deals as China would be looking to help improve living standards on the continent.