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Chinese President cancels all Mozambican debt to China
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THE Chinese President, Hu Jintao, has announced the cancellation of all Mozambican public debt to China incurred during the period of 1980 to 2005. According to the Mozambican Finance Minister, Manuel Chang, this debt, on which no interest was being paid, amounts to about $20 million.
Hu, who was on a 24 hour state visit to Mozambique, as part of a tour of eight African countries, made this announcement after official discussions with his Mozambican counterpart, Armando Guebuza. He also announced that the number of goods that can enter China from Mozambique duty free has risen from 190 to 442.
Trade between China and Mozambique has been growing very quickly. Hu said it is now worth around $200 million a year - six times the figure for 2001.
Witnessed by Guebuza and Hu, Chinese officials signed loan agreements with their Mozambican counterparts. The Chinese government is also offering Mozambique an interest free loan of $15 million to build a new national stadium. He also pledged Chinese support for the construction of a pilot centre on agricultural techniques to be built in the northern province of
Nampula.
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