China has earmarked $3 billion in interest-free loans to Africa over three years. “The preferential loans provided by China carry no political conditions,” a statement on the website of the Chinese commerce ministry read. The money, according to the statement, will be used to improve basic infrastructure, finance power projects and support joint enterprises. The announcement came ahead of President Hu Jintao’s tour of African countries that include Cameroon, Sudan, Namibia, South Africa, Seychelles, Liberia, Zambia and Mozambique.
Source: China announces $3 billion loan plan for Africa (Reuters)