China to Map Out Africa Strategy at Forum in Egypt

Later this month, a multinational forum in Egypt will focus on the future of China-Africa relations, AP reports:

Premier Wen Jiabao plans to attend the Nov. 8-9 Forum on China-Africa Cooperation in the resort of Sharm el-Sheikh, Yang said in an interview with the official Xinhua News Agency.

No details were given, but at the last forum in 2006, China pledged to double assistance to Africa by 2009, provide $5 billion in preferential loans and credits, cancel debts and establish a $5 billion fund to encourage Chinese investment.

Yang said those goals had all been met, while the upcoming meeting marks “another important occasion to boost China-Africa friendship and cooperation.”

China’s trade with Africa has soared by a factor of 10 since 2001, passing the $100 billion mark last year. Estimates of Chinese investment in Africa range upward from $6 billion as China tries to lock up oil, gas and other key resources for its resource-hungry economy. Estimates for total loans, investment and aid donations — often difficult to distinguish from each other — run closer to $50 billion.

November 1, 2009 4:27 PM
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