At the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) held in November 2006, Chinese President Hu Jintao announced an eight-step package, providing major assistance to Africa and laying groundwork for future investment trade and other cooperation projects.

Under this plan, China will:

1. Double its 2006-level of annual assistance to Africa by 2009.

2. Provide US$3 billion of preferential loans and US$2 billion of preferential buyer's credits to Africa over the next three years.

3. Create a China-Africa development fund with US$5 billion in funds to encourage and support Chinese investment in Africa.

4. Build a conference center for the African Union to support its efforts to strengthen the continent through unity and integration.

5. Cancel all interest-free government loans that matured at the end of 2005 owed by heavily-indebted poor nations and least-developed nations that have diplomatic ties with China.

6. Allow better market access for Africa to China by extending zero-tariff treatment to 440 exports from least-developed African countries from the current level of 190.

7. Establish three to five trade and economic cooperation zones in Africa over the next three years.

8. Over the next three years, provide a range of infrastructure and personnel assistance: train 15,000 African professionals; send 100 senior agricultural experts to the continent; setup 10 special agricultural technology demonstration centers; build 30 hospitals and provide 300 million yuan of grant for providing artemisinin; build 30 malaria prevention and treatment centers to fight malaria in Africa; dispatch 300 youth volunteers to Africa; build 100 rural schools; and increase the number of Chinese government scholarships to African students from 2000 to 4000 per year by 2009.

(China.org.cn April 30, 2007)