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China to Give Africa Billions in Aid

November 6, 2006

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China has pledged $5 billion in aid to Africa over the next several years, according to the country's leader, Hu Jintao. The pledge is part of an effort by the world's most populous country to increase its ties to the African continent ahead of the Beijing Olympics, in 2008.

Most of the money will go toward expanding economic opportunities in developing countries, in the form of preferential loans and buyer's credits. Other efforts will include job training, school building, agriculture technology training. China will also double the number of government scholarships it awards to African students.

The announcements came as part of the second annual Conference of Chinese and African Entrepreneurs, which took place for the most part in the Great Hall of the People at Tiananmen Square.

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