Chinese president Hu Jin Tao announced in a Bejing summit that his country would pledge a loan of $20 billion to over 50 African countries. President Jin Tao said that the loan will go towards building infrastructure, agriculture, cottage businesses as well as education and medical projects.
The loan will be credited to the 50 African countries over the next three years. The move is expected to strengthen trading relations between China and the various African countries. In the last summit China pledged approximately $10 billion.
President of South Africa, Jacob Zuma praised China's effort saying "We are particularly pleased that in our relationship with China, we are equals and that agreements entered into are for mutual gain," according to the New York Times.
Chinese Commerce Minister Chen Deming told BBC News, "We want to continue to enhance our traditional friendship... rule out external interference and enhance mutual understanding and trust."
Trade relations between China and Africa has becoming increasingly closer, in 2011 the trade relations reached $166 which was the highest in their history.
The New York Times pointed out that China did not allocate any funds to any human rights areas, never-the- less, scholars iterate that the money will certainly help Africa and also assess that China has come a long way in its bilateral relationship with the African continent.
Li Xinfeng, an African studies scholar at the Chinese Academy of Social Sciences, told the New York Times, "Before, China had more of an attitude that 'we'll give what we want to give you,' but now the aid is more focused on African needs."
