China offers loans to boost SMEs in Africa
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.
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.
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