China to Launch $1bn Africa Fund – BBC

Amidst accusations that China’s investments in have exploited natural resources and facilitated human rights abuses, the Chinese Development Bank and the Chinese government have offered $5bn to help develop.

From BBC:

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China has announced plans to launch a $1bn (£500m) fund to increase trade and investment in Africa.

The fund, backed by the Chinese Development Bank and aimed at farming, infrastructure and basic industries, will eventually rise to $5bn.

Following the fund announcement Gao Jian, the vice governor of the Chinese Development Bank (CDB), rejected the notion that China simply wanted to secure natural resources but said the country was instead making investments that would help Africa. [Full Text]

See also the Xinhua story on the Africa fund.

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