BEIJING – China will set the future direction of its burgeoning ties with Africa at a multinational forum in Egypt this month, Foreign Minister Yang Jiechi was quoted as saying yesterday.
Premier Wen Jiabao plans to attend the November 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.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. – Nampa-AP
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