China to set up US$5b-fund for China-Africa development

Updated: 2006-11-04 14:42

Beijing - China will set up a China-Africa development fund which will reach US$5 billion to encourage Chinese companies to invest in Africa and provide support to them.

Chinese President Hu Jintao made the remarks Saturday when addressing the opening ceremony of the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC).

Hu said that China and Africa will broaden win-win economic cooperation.

"We will give full play to our respective strength, enhance economic and trade ties, broaden areas of cooperation, support cooperation between our business communities, upgrade cooperation in human resources development and explore new ways of cooperation so that both sides will share the benefits of development," Hu said.

Forty-one heads of state or government and senior officials of 48 African countries that have diplomatic ties with China, including Prime Minister of Ethiopia which co-chairs FOCAC, Alpha Oumar Konare, chairman of the Commission of the African Union (AU) and representatives from regional and international organizations attended the landmark gathering highlighting "friendship, peace, cooperation and development".

By the end of 2005, China had over 800 enterprises in Africa, involving a total investment of 6 billion U.S. dollars. Trade volume between Africa and China rocketed to 39.7 billion U.S. dollars in 2005 after breaking the mark of 10 billion dollars in 2000.

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