China to give Africa $10 b in loans

Chinese Prime Minister Wen Jiabao pledged to give African countries 10 billion dollars in concessional loans as a two-day Forum on China- Africa Cooperation opened in Egypt on Sunday. "We will help Africa build up its financing capabilities... we will provide 10 billion US dollars for Africa in concessional loans," Wen said at the start of the forum in the Red Sea resort of Sharm el-Sheikh. He also pledged to cancel debts of African countries to deepen his country's role in the continent. The Asian giant pledged 5.0 billion dollars in assistance at the last Forum on China-Africa Cooperation summit, held in Beijing in 2006 , and has signed agreements to relieve or cancel the debt of 31 African countries.