Thursday, January 07, 2010

China grants 7 million dollars to Kenya

China will grant $7 million dollars to Kenya for development projects in the African country. It is one of a bigger package of grants and loans that China is making to the Africa as they step up aid efforts.

From Reuters Africa we read this summary of the announcement.

The agreement was unveiled during a visit to the Kenyan capital Nairobi by Chinese Foreign Minister Yang Jiechi, who is on a five-nation tour of the world's poorest continent.

In November, China's government said it would offer Africa $10 billion in concessional loans over the next three years as the country aims to boost a relationship which is economically booming, to the discomfort of some in the West.

Beijing says it also plans to help Africa develop clean energy generation and cope with climate change, encourage Chinese financial institutions to lend to smaller African companies and expand market access for African products.

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