Chinese President Hu Jintao offered nearly $100 million in grants and soft loans to Cameroon, the first stop of his tour of Africa. “China and Africa have developed mutually respectful and beneficial relations over the years with due respect to all. China and Africa have never tried to impose their social and economic development models on others,” said Hu during a banquet hosted by Cameroonian President Paul Biya. “Through you, I invite Chinese companies to come and invest in Cameroon, especially in hydrocarbons such as gas and oil, mineral exploitation and forestry where numerous opportunities exist,” Biya remarked. The funding includes $5.15 million in grant, $3.86 million in interest-free loan, and two concessional loans worth $45.02 million each. Hu also announced the cancellation of Cameroon’s debt to China.
Source: Hu pledges $100m to Cameroon (Reuters)
