China offers Europe $10 bln for green technology and infrastructure

Chinese Premier Wen Jiabao said yesterday that his country will set up a USD10 billion line of credit to support cooperative projects with central and eastern Europe.

Speaking to thousands of delegates at the China-Central Europe economic forum in Warsaw, Wen said the credit line was "to boost practical cooperation with central and east European countries."

Wen said the credit line, which would be partially in the form of preferential loans, would fund projects in the infrastructure, technology and green economy sectors and was aimed at accelerating the two sides' practical cooperation.

The investment projects are to include "a certain amount of concessional loans to support cooperation projects in infrastructure, high and new technologies and the green economy."

Meanwhile, the premier also said that China planned to establish an investment cooperation fund, the goal of which was to raise USD500 million.

Wen said trade volume between China and central and eastern European countries reached USD52.9 billion in 2011 and had grown 27.6 percent a year on average since 2001, when it was only USD4.3 billion.

The Chinese premier began his tour of Europe in Iceland and made stops in Germany and Sweden before arriving in Poland. Thursday's forum in Warsaw hosted 300 Chinese companies and 450 firms from across the region. Wen was scheduled to meet with 16 prime ministers from the region later in the day.