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China offers $12 b aid to Africa

by Business News Report

Chinese Premier Li Keqiang on Monday in Addis Ababa unveiled extra aid package for Africa totaling at least 12 billion dollars. He also offered to share advance technology with the continent to help with development of high-speed rail. Li pledged the additional funding in a speech at the African Union headquarters in the Ethiopian capital, Addis Ababa.

China will increase credit lines to Africa by 10 billion dollars and will boost the China-Africa Development Fund by two billion dollars. Such additions will bring the total aid amount to a total of five billion dollars, the premier was quoted as saying.

 Details of the timeframe were, however, not provided. The report said the Chinese leader was thinking of a situation in future where all African capitals would be linked by high-speed rail to boost pan-African communication and development.

China will also offer 100 million dollars in aid for wildlife protection, Li added.

It is Li’s first visit to Africa since he became premier in 2013. His visit followed the country’s  President Xi Jinping’s visit in March 2013, when he renewed an offer of 20 billion dollars in loans to Africa between 2013 and 2015.

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