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Article: China tightens its grip on Africa.
- Article from:
- UPI Energy Resources
- Article date:
- November 11, 2009
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China's weekend pledge of $10 billion in low-interest loans to African nations, on top of its recent cancellation of some African debt, takes Beijing another step toward its long-term strategic goal of pulling the continent, with its vast mineral wealth, into its orbit.
Prime Minister Wen Jiabao's promise at the start of a summit of the Forum on China-Africa Cooperation in this Egyptian Red Sea resort Sunday and Monday capped a recent surge of Chinese acquisitions across Africa, particularly along the western seaboard that these days is riding an emergent oil boom.
But business analysts believe Beijing is not simply seeking to scoop up oil and gas ...