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China offers US$12 billion aid and technology to Africa

China has offered to share advanced technology with Africa to help with development of high-speed rail. (Image source: Wikimedia Commons)

Chinese Premier Li Keqiang unveiled extra aid for Africa totalling at least US$12bn and offered to share advanced technology with the continent to help with development of high-speed rail

According to state news agency Xinhua, the Premier pledged the additional funding in a speech at the Organisation of African Union headquarters in the Ethiopian capital, Addis Ababa.

China will increase credit lines to Africa by US$10bn and will boost the China-Africa Development Fund by US$2 billion, bringing it to a total of US$5 billion.

Li depicted a dream that all African capitals are connected with high-speed rail, so as to boost pan-African communication and development, the report said. As China has advanced technologies in this area, Li said that China was ready to work with Africa to make this dream come true.

China will also offer US$100mn in aid for wildlife protection, Li said and added that the new US$10bn credit line would be on top of the existing US$20bn already offered.

Li said he hoped that some of the loans being offered would be used to support small and medium-sized companies in Africa and that economic development on the continent offered huge opportunities for both China and Africa.

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