China Tightens Ties To Africa With $20B Loan Promise

Law360, New York (July 20, 2012, 4:30 PM EDT) -- Chinese President Hu Jintao promised $20 billion in new loans to Africa on Thursday, tightening China's links to the continent, which is poised to be a rich source of commodities for resource-hungry economies in Asia.

Speaking at the Forum on China-Africa Cooperation in Beijing, Jintao said the loans will go toward helping build infrastructure, agriculture, manufacturing and small businesses in Africa. The $20 billion package is twice as big as the one offered at the last such conference, in 2009.

“We will expand cooperation in investment...
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