Chinese investment boosts African economic growth and infrastructure
China’s rapidly growing economy has resulted in the need to secure energy resources for stable development in the future. In this regard, Africa's importance to China's overseas investment agenda would still remain significant. In July 2012, President Hu Jintao pledged $20bn in credit for Africa for lucrative investment and infrastructure - critical and to the annoyance of the West is China’s no-strings attached loans. Two years previous to that, in 2010, China and Ghana signed an agreement for a 20 year loan of $13,1bn with an interest payment of only 2%. There is increasing fear over this arrangement that it might lead African countries to opt-out of International Monetary Fund -World Bank loans and other forms of dependence on Europe and the US.