BEIJING, Nov 4: China will offer five billion dollars in loans and credits, and double aid to Africa by 2009, President Hu Jintao said on Saturday, seeking to bolster his country's influence in the underdeveloped but resource-rich continent.

With smiles and handshakes, Mr Hu greeted visiting delegates from nearly 50 African nations one by one at the Great Hall of the People on Tiananmen Square.

“Our meeting today will go down in history,” Hu told the leaders in a speech after the welcoming ceremony. “China is the largest developing country, and Africa is home to the largest number of developing countries.”

The weekend summit, which follows a dialogue and trade forum, underscores China's deepening ties with Africa, whose mineral and oil wealth it covets and whose countries form an important strategic bloc vote in world bodies.

Mr Hu painted a picture of benign cooperation. “The combined population of the two sides accounts for over a third of the world total. Without peace and development in China and Africa, there will be no global peace and development,” he said.

Beijing has rolled out the red carpet for some 1,700 delegates and hundreds of journalists at the summit, billed as a warm-up to the 2008 Beijing Olympics.

Outlining his aid plans, Mr Hu said China would provide $3 billion in preferential loans and $2 billion in preferential buyer's credits to Africa, and also double its assistance to Africa by 2009 in an effort to forge a new strategic partnership.—AFP