African states borrowing more from China – AP

From AP, via the China Daily:

African countries are increasingly looking to borrow money from China because the flow of funds from the World Bank and other donors has been slow and contain too many conditions, several African finance ministers said Sunday.

China’s economic surge over the past decade has boosted demand for and commodity exports from , helping spur growth in some of its major economies like Nigeria and Kenya.

Meanwhile, Beijing is steadily strengthening its economic and political ties with Africa by investing in the continent and offering loans. In June, Chinese Premier Wen Jiabao visited several African nations, signing a string of investment and loan agreements in Egypt, Angola and Ghana. [Full Text]

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