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China pledges to double its aid to Africa

China has released that it will now double its aid and association with Africa. There was a conference with Chinese leaders and 35 of 53 African leaders. China would like to fortify Beijing bond with Africa in search or new oil and export opportunities.

Many people are worried that China may just be forcing a modern day colonialism onto Africa and people are also skeptical of China's poor human human rights record. President Hu announced that Chinese aid will include $3 billion in preferential loans and $2 billion of export credits over the next three years. He said Beijing will create a $5 billion fund to encourage Chinese companies to invest in the continent. China said that they would build schools, hospitals, and anti-malaria clinics. They also said they they would train as much as 15,000 Africans for the work force.

As much as China said that it would help out Africa, there are a couple reasons why the joining of China and Africa could have devastating affects. The president of the world bank accused China of its poor human rights record and its environmental issues. Paul Wolfowitz (president of the world bank), also stated that with that much readily available credit it could fuel corruption and make Africa's debt burden worse.

China pledges to double its aid to Africa

posted by Anonymous @ 11/04/2006 06:20:00 PM