Zhou Xiaochuan, governor of the People's Bank of China, the central bank, spoke highly of the new achievements in China-Africa ties since last November when the Beijing Summit of the Forum on China-Africa Cooperation was held.

China has been working hard to strengthen the cooperation in many areas with the implementation of aid and assistance measures, Zhou said at the annual board meetings of the African Development Bank held here on May 16 and 17.

China has in the primary stage selected 30 programs in 20 African countries as preferential loan receiver and signed with Chad, Cameroon and Mozambique the preferential loan agreements.

In addition, Namibia has been granted 100 million U.S. dollars of preferential export buyer's credit.

The China-Africa development fund has been approved by Chinese government, with one billion U.S. dollars covered during the first phase, three billion dollars during the second phase and five billion in the end.

The fund, set up to encourage Chinese companies to invest in Africa and provide support to them, will be operated by professional fund managers according to market rules, and relative procedures will soon be produced.

China has signed agreements with 11 African countries to cancel their debts, and will handle debt-canceling formalities with other 22 countries in 2007.

Zhou said the country also managed to strengthen cooperation with both the ADB and other African financial institutions such as the West African Development Bank and the Eastern and Southern African Trade and Development Bank.

The African Development Bank (ADB) opened its annual board meetings in Shanghai on Wednesday, which are seen as a move to strengthen China-Africa cooperation.

Source: Xinhua