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China Makes Trade Agreements with Africa

A recent meeting took place in Beijing that dealt with various trade agreements between China and approximately 50 African countries. The discussion was three-days long, and the point of it was to help supply assistance to several African nations and to further develop strategic connections. As a result of the meeting trade agreements worth $1.9 billion were proclaimed. In addition, various issues regarding credits and loans to China were brought to attention and looks like China`s connections to the continent are also going to be strengthened with the help of those loans.

Numerous financial analysts state that China`s trade with various African nations will exceed $50 billion this year. In addition, there is more good news that awaits African countries, due to China`s statement that it will partially annul undeveloped African countries debts to China. And to further promote the investments of Chinese companies into African economy a development fund worth $5 billion is being organized. Further future plans include a $3 billion in preferential loans and $2 billion in preferential buyer`s credit.

China, lately, was being criticized by such organizations as the International Monetary fund and the World Bank for its unconfined investments and lending in Africa. The Western world has been making continuous attempts to reduce the corruption and to improve the governance in Africa. However, China has been managing to overlook those attempts and instead managed to profit as a result of its investments in Africa.