China’s Hu Pledges $800 Million in Zambian Investment By 2010 – Geoffrey Kapembwa

From Bloomberg.com:

Chinese President Hu Jintao pledged $800 million in investments in ’s Chambishi area over the next three years as part of an economic and trade agreement with Africa’s biggest copper producer.

“It’s our commitment that we assist Zambia develop the various sectors of its economy, including agriculture, health and education,” Hu told reporters in the capital Lusaka today.

The two nations signed an agreement to develop an economic and trade zone in Zambia’s Chambishi area, in the country’s Copperbelt province, in a bid to create jobs. China also agreed to cancel debts worth a total of $10 million, Hu said. [Full Text]

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