China grants Jamaica $118 million in loans amid crisis

(Agencies)
Updated: 2009-02-15 16:48

SAN JUAN, Puerto Rico -- China has pledged to grant Jamaica $118 million in loans to boost trade, farming and growth amid the global economic downturn.

Visiting Chinese Vice President Xi Jinping (L) talks with Jamaican Governor-General Kenneth Hall (R) in Kingston, capital of Jamaica Thursday February 12, 2009. Both vowed to further enhance Sino-Jamaica friendly partnership for common development during their meeting on February 12. [Xinhua]

China's Vice President Xi Jinping says $100 million in credit will help finance the island's trade, much of which is with China, while $1.1 million will help Jamaican farmers buy equipment.

Xi says $10 million more in low-cost loans will be administered by both countries' respective development banks.

Jamaican Prime Minister Bruce Golding said Friday that the loans would ease the effects of the global economic crisis and credit crunch, which have slashed growth.

China and Jamaica established diplomatic relations in 1972.

Xi made his first visit to the Caribbean island this week.