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By Zhang Fengming
CHINA had invested US$11.7 billion in Africa by the end of 2006 - and there's plenty more to come.
China's investment on the continent is expected to reach US$2 billion for 2007 alone, Donald Kaberuka, president of the African Development Bank, told reporters in Shanghai on Saturday.
Agricultural development, manufacturing, telecommunications, and infrastructure have been the main areas where Chinese investment reached its mega figure at the end of 2006, Wei Jianguo, vice minister of commerce, said yesterday in Shanghai. "China and African countries are good friends and good brothers," Wei said at the Development Finance & Sino-Africa Economic Cooperation Forum.
China will help African countries build 30 hospitals, 100 rural schools, 10 anti-malaria centers and 10 agricultural technology centers over the next three years. China will also expand the scale of its aid to African countries in measures that include cutting debts and opening markets.
The China Development Bank is actively involved in the Sino-Africa push. "CDB attaches great importance to the cooperation with Africa," said Gao Jian, vice governor of the bank.
The China-Africa Development Fund has been approved, Gao said.
The fund, earmarked to help Chinese companies invest in Africa, will have an initial kitty of US$1 billion, moving up to US$3 billion and eventually US$5 billion.
At the end of March, CDB's outstanding loans in Africa increased by US$1 billion. The policy bank has sent eight working teams to Africa and another 18 teams will fly there this year.
The economy in Africa is forecast to rise by 5.9 percent this year and grow 5.7 percent in 2008, the African Development Bank said in a report yesterday in Shanghai.
China contributed to about 20 percent of Africa's economic development in terms of trade. Sino-Africa trade topped US$55.5 billion in 2006, with China the third biggest partner after the United States and France.
A number of forums were held in Shanghai at the weekend before the holding of the 2007 annual meeting of the board of governors of the African Development Bank, scheduled for Wednesday and Thursday.
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