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China to extend over $15b in aid to Africa

Published on May 6, 2014 11:41 AM
 
Chinese Premier Li Keqiang (centre left) and Ethiopian Prime Minister Hailemariam Desalegn (centre right) shake hands as they inaugurate the Addis Ababa-Adama expressway in Tulu Dimtu, near Addis Ababa on  May 5, 2014. Chinese Premier Li Keqiang unveiled extra aid for Africa totalling at least US$12 billion (S$15 billion) on Monday, and offered to share advance technology with the continent to help with development of high-speed rail, state media reported. -- PHOTO: REUTERS

BEIJING (REUTERS) - Chinese Premier Li Keqiang unveiled extra aid for Africa totalling at least US$12 billion (S$15 billion) on Monday, and offered to share advance technology with the continent to help with development of high-speed rail, state media reported.

Mr Li 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$10 billion and will boost the China-Africa Development Fund by US$2 billion, bringing it to a total of US$5 billion, Mr Li said, according to the official Xinhua news agency. He provided no details of the timeframe.

Mr 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, Mr Li said China was ready to work with Africa "to make this dream come true".

 
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