(Reuters) - China on Tuesday launched a fund with initial capital of $1 billion to help finance domestic firms' investments in Africa, part of Beijing's pledge to double its aid to the continent.
It is the first phase of a $5 billion China-Africa Development Fund, promised by President Hu Jintao at a summit with African nations in Beijing last November, amid international criticism that China is changing the status quo of an aid game long monopolised by Western powers and multilateral lenders.
Read more at Reuters Africa
It is the first phase of a $5 billion China-Africa Development Fund, promised by President Hu Jintao at a summit with African nations in Beijing last November, amid international criticism that China is changing the status quo of an aid game long monopolised by Western powers and multilateral lenders.
Read more at Reuters Africa
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