Prime Minister Wen Jiabao of China pledged to provide soft loans to African countries by $ 10 billion. The promise was given him in Cooperation Forum on China-Africa Egypt.

“We will help Africa build its financing capabilities. We will provide $ 10 billion to Africa in soft loans,” said Wen at the opening of the forum in the Red Sea resort of Sharm el-Sheikh, was quoted by the Straits Times, Sunday (8/11/2009).

He also promised to cancel the debt of African countries to deepen the role of China in the continent.

Asian giant is promising $ 5 billion worth of aid to the Cooperation Forum of China-Africa held in Beijing in 2006, and has signed an agreement to reduce or cancel the debt of 31 African countries.

“China is ready to deepen cooperation useful in Africa,” said Wen, adding that China is ready to take a role in ’solving the problem of peace and security’.

He also said China will set up projects in the African environment, including clean energy projects 100.

Over the last five years, China’s direct investment in Africa has soared, from USD491 million in 2003 to $ 7, 8 billion in 2008.