China lends $3b to African nations

(Agencies)
Updated: 2007-01-29 20:28

BEIJING - China will lend African nations $3 billion in preferential credit over three years and double aid and interest-free loans over the same time, Beijing announced on Monday ahead of President Hu Jintao's tour.

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"The preferential loans provided by China carry no political conditions," said the announcement on the Ministry's Web site (www.mofcom.gov.cn). The loans would be mostly steered to basic infrastructure, power projects and joint enterprises, it said.

Chinese President Hu will start his visit to eight African nations.

Hu will visit Cameroon, Sudan, Namibia, South Africa, Seychelles, Liberia, Zambia and Mozambique.