(Adds comment from AfDB president) By Lindsay Beck SHANGHAI, May 16 (Reuters) - Premier Wen Jiabao fended off criticism on Wednesday that China is getting the better of the bargain in its drive to secure Africa's oil and minerals to feed the world's fourth-largest economy. Although rapidly expanding Chinese trade and investment are helping Africa to grow at the briskest pace in 30 years, some critics say China is acting no differently from the continent's former colonial powers in sucking up its raw materials instead of developing indigenous industries. "We are truly sincere in helping Africa speed up economic and social development for the benefit of the African people and its nations," Wen told the opening session of the African Development Bank's annual meeting. The two-day gathering, attended by finance ministers and central bank governors from more than 50 countries, is the bank's first meeting in Asia and marks the latest chapter in Beijing's courtship of the world's poorest continent. Wen recalled a pledge given by President Hu Jintao at a summit of African heads of state in Beijing in November to double aid by 2009 and to set up a $5 billion development fund. "We will fully deliver on our statement and we are working with African countries to implement these measures," Wen said. China had also cancelled 10.9 billion yuan ($1.42 billion) of African debt and announced additional relief of 10 billion yuan, the premier added. In a tacit acknowledgement that China's investment needs to be seen aiding Africa's development, Wen said Chinese companies should attach a priority to projects that deliver public benefits. These included infrastructure such as roads and ports, healthcare, and beefing up Africa's technical capacity. "Africa has made real progress in rejuvenating itself. On the other hand, many arduous tasks still face Africa," he said. TRADE, AID To sustain Africa's development, Western countries had to make good on successive promises to step up aid and open their markets to African products. "We call on the international community and the developed countries in particular to deliver on pledged aid to Africa, cancel debt and enhance trade," Wen said. The bank's president, Donald Kaberuka, said holding the meeting in Shanghai offered a change for Africa to learn from Asia's experience in graduating from aid-dependence and recovering from the 1997 financial crisis. He painted a positive picture of Africa's economic expansion, saying its economies were growing on average 5.5 percent annually, but cautioned that gains were fragile and some countries were being left behind. "Millions of Africans still live in countries with economies that are stagnating, contracting or barely keeping up with population either because of fragility, violent conflict or policy setbacks," Kaberuka told the opening session. To consolidate progress, countries must maintain peace and stability to counter high risk perception among investors, accelerate the pace of reform, and build institutional capacity. "It is strong institutions that will ensure that rent-seeking and corruption are contained and that the level playing field for investors is in place," he said. Kaberuka also called for effective debt management, saying the challenge was to ensure poor countries could access resources without incurring massive debt. ($1=7.681 yuan)
