China offers $12bn aid to Africa

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Chinese Premier Li Keqiang on Monday in Addis Ababa unveiled extra aid package for Africa totaling at least $12 billion.

He also offered to share advance technology with the continent to help with development of high-speed rail, state media reported.

Li pledged the additional funding in a speech at the African Union headquarters in the Ethiopian capital, Addis Ababa.

China will increase credit lines to Africa by $10 billion and will boost the China-Africa Development Fund by two billion dollars.

Such additions will bring the total aid amount to a total of five billion dollars,the premier was quoted as saying. Details of the timeframe were, however, not provided.

The report said the Chinese leader was thinking of a situation in future where all African capitals would be linked by high-speed rail to boost pan-African communication and development.

China will also offer $100 million in aid for wildlife protection, Li added on his first visit to Africa since he became premier in 2013.

His visit followed the country’s President Xi Jinping’s visit in March 2013, when he renewed an offer of $20 billion in loans to Africa between 2013 and 2015.

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