Reuters AlertNet Lite - China pledges loans to raise Caribbean investment

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China pledges loans to raise Caribbean investment

08 Sep 2007 02:46:49 GMT
Source: Reuters

BEIJING, Sept 8 (Reuters) - China will provide about 4 billion yuan ($530 million) in favourable loans over three years to Chinese companies investing in the Caribbean, the China Daily said on Saturday, citing vice premier Wu Yi.

The Caribbean is a growing source for China's imports of resources, including alumina, nickel and sugar, helping lift trade with the region by 64 percent last year to $4.4 billion.

In return, China is an important source of textiles and manufactured goods for the island nations.

China agreed to promote tourism and provide training and technology exchange to help balance trade with the region, the China Daily said.

"China will provide assistance without attaching any political strings, including providing 4 billion yuan in low-interest loans and training for 2,000 technical personnel," Wu told the China-Caribbean Economic and Trade Cooperation Forum in Xiamen, attended by delegates from 13 Caribbean countries.

The forum included the Dominican Republic, Haiti and St Lucia, three of the 24 remaining nations that formally recognise Taiwan. St Lucia in April reopened diplomatic ties with Taipei, prompting anger in Beijing.

Beijing and Taipei, fierce diplomatic rivals since the end of China's civil war in 1949, compete with aid and cheap loans to curry influence around the world.

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Last updated:Sat Sep 8 02:46:28 2007