China to fulfil commitment for favorable loans to underdeveloped nations

China will fulfil its commitment of providing 10 billion U.S. dollars of preferential loans to underdeveloped countries, Foreign Ministry spokesman Qin Gang said on Thursday.

In the three years ahead, China is scheduled to provide 10 billion U.S. dollars of preferential loans to world's underdeveloped countries, Chinese Premier Wen Jiabao told press at the end of the annual full session of the Chinese legislature, the Tenth National People's Congress.

Qin Gang said at a routine news conference that China will fulfil the commitment and confer with the relevant countries through such existing mechanisms as the China-Africa Cooperation Forum and the China-Arab Cooperation Forum and other bilateral channels.

Chinese President Hu Jintao, when attending the summit of the United Nations last year, announced new measures to help other developing countries including the provision of more aid for such countries.

According to Qin, China will mainly provide preferential loans to developing nations, especially the most underdeveloped nations, in an effort to help them eliminate poverty as soon as possible.

This measure also specifically epitomizes China's devotion to world peace, development and prosperity, said the spokesman.

Source: Xinhua