Foreign and Military Affairs

China offers loans to boost SMEs in Africa

(Xinhua)
Updated: 2011-06-12 10:24

BEIJING -  China has signed contracts valued at $220 million with African countries, offering loans from a special fund to support 13 projects of small and medium enterprises (SMEs) in Africa, the Chinese Ministry of Commerce (MOC) said Thursday.

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Besides the contracting funds, the China Development Bank (CDB), the undertaker for the special loans, has pledged support for 19 projects with commitment loans totaling $483 million, according to MOC.

The special loans to African SMEs have created 1,500 jobs and facilitate foreign trade of more than $40 million in African countries, said MOC.

China has granted $961 million loans to 34 SME projects in 23 countries in northern, southeastern and central-western Africa since the Chinese government pledged that its financial institutions would set up a $1-billion special loan to support Africa's SMEs during the ministerial meeting of the China-Africa Cooperation Forum held in Egypt in 2009.