Breaking News

'Africa is the place to be,' African Development Bank President tells China

by Staff Reporter
06 September 2018 | 830 Views
The President of the African Development Bank, Akinwumi Adesina, has urged Chinese business leaders to attend the Africa Investment Forum scheduled to take place in Johannesburg, South Africa, from 7-9 November 2018.

Adesina made the call while addressing delegates at the 6th Conference of Chinese and African Entrepreneurs, which took place on the sidelines of the 2018 Beijing Summit, attended by leaders from 53 African countries and China.

"I am sure you all know Africa is the place to be. African economies are growing well and the GDP growth rate is projected to average 4.1% this year," he said.

Akinwumi had lively exchanges with high-level officials and business leaders from China, led by Vice-Premier Liu He, Governor Yi Gang of the People's Bank of China, and the President of China Development Bank, Zheng Zhijie.

Responding to questions by China Economic News (CEN) on how China could be unique to Africa, Adesina said, "China doesn't just promise, China delivers."

In another interview, with China Daily, he noted: "There's a perfect alignment between the Belt and Road Initiative and the ‘High 5s of the African Development Bank Group." The Bank is already discussing with China Development Bank about formulating large-scale projects, which can fit in the both of the frameworks."

The Bank President also described the relationship between China and Africa as a mutually reinforced partnership, noting that there are 10,000 Chinese companies and 1.3 million Chinese people throughout Africa.

Adesina cited significant trade imbalance as a challenge to be tackled. While nearly 90% of China's exports to African countries are high-value-added products such as  machinery and equipment, 75% of Africa's exports are raw materials. He therefore called on Chinese companies to invest, and not just contract or provide loans to Africa's public sector.




Highlighting energy and the agriculture and food sectors as opening vast opportunities and potential to China and the world, Adesina expressed hopes for a strong representation by Chinese businesses at the upcoming African Investment Forum in South Africa.

"This is not a talk-show, it is all about transactions. US$92 billion portfolios are already set on this platform," Adesina said.

The Africa Investment Forum will convene project sponsors, borrowers, lenders and investors, necessary for accelerating investments in Africa. The three-day event will unite global pension funds, sovereign wealth funds, and other financial sector investors.

The Forum will also bring together a network of financial institutions with instruments to de-risk selected investment opportunities.

During his keynote speech at the opening ceremony of the 2018 China-Africa Cooperation Forum (FOCAC), President Xi Jinping referred to the Africa Investment Forum as a concrete step for "building a shared future."

Jinping pledged to extend a US$60 billion financing package and US$10 billion investment in Africa over the next three years.

China-Africa trade amounted to US$174 billion in 2017, a huge increase from just over US$10 billion in 2000. Chinese foreign direct investments in Africa have risen from US$10 billion in 2010 to over US$60 billion in 2017.


African Development Bank President China Akinwumi Adesina

Source: Online

Comments

Latest News

Zimbabwe lost $2 billion on 1:1 forex exchange rate

by Staff reporter | 22 February 2019 | 81 Views

Abusive Zanu-PF councillor sets wife alight - Zanu-PF Ward 9 councillo...

by Staff reporter | 22 February 2019 | 92 Views

Chamisa cries as his political career ends

by Dr Masimba Mavaza | 22 February 2019 | 454 Views

'Chamisa, Mnangagwa power-sharing not on the agenda'

by Staff reporter | 22 February 2019 | 68 Views

Ginimbi to 'tour' Australia

by Staff reporter | 22 February 2019 | 96 Views

Fake news rocks Zimbabwe military - Zimbabwe National Army has disowne...

by Staff reporter | 22 February 2019 | 211 Views

Caps United avert player strike over unpaid dues - HARARE giants Caps ...

by Staff reporter | 22 February 2019 | 36 Views

Mnangagwa courts Chinese

by Staff reporter | 22 February 2019 | 76 Views

Zimbabwe/South Africa officials to meet ahead of Ramaphosa visit

by Staff reporter | 22 February 2019 | 60 Views

MDC Alliance members run away with ballot papers - DIVISIONS in the MD...

by Staff reporter | 22 February 2019 | 102 Views

Woman arrested for obscene message to lover's wife - A 28-YEAR-OLD wom...

by Staff reporter | 22 February 2019 | 101 Views

Bulawayo takes deliberate affirmative action policy

by Staff reporter | 22 February 2019 | 44 Views

Two stabbed, axed in gold rush - AN illegal gold panner from Plumtree ...

by Staff reporter | 22 February 2019 | 44 Views

Bosso zero in on three for captaincy - HIGHLANDERS' technical bench ha...

by Staff reporter | 22 February 2019 | 28 Views

Zimbabwe approves 37 mbanje investors

by Staff reporter | 22 February 2019 | 53 Views

American starlet trialing with Bosso

by Staff reporter | 22 February 2019 | 49 Views

Cholera vaccine campaign begins in Harare

by Staff reporter | 22 February 2019 | 15 Views

Dating scam exposed - Efforts to find a lover on a local dating site h...

by Staff reporter | 22 February 2019 | 118 Views

Baby mama threatens to bewitch ex's wife - A VAINONA woman is living i...

by Staff reporter | 22 February 2019 | 47 Views

Callistus Ndlovu's body arrives in Harare

by Staff reporter | 22 February 2019 | 65 Views

Grace Mugabe sister's fraud trial hits a snag?

by newzimbabwe | 22 February 2019 | 246 Views

Opposition parties walk out of Mnangagwa's post-election dialogue meet...

by TimesLive | 22 February 2019 | 510 Views

Chiwenga aborts flight back to Zimbabwe

by newzimbawe | 22 February 2019 | 914 Views

Mnagagwa is a habitual liar - I am now forced to believe that the Pres...

by Don Chigumba | 22 February 2019 | 642 Views

'Propaganda' college for Chamisa's MDC - Opposition MDC Alliance has t...

by Ndou Paul | 22 February 2019 | 476 Views

Zimnat assists families of deceased miners - Zimnat, one of the leadin...

by Staff reporter | 22 February 2019 | 499 Views

MDC-T supports dialogue with Mnangagwa

by Linda Tsungirirai Masarira | 22 February 2019 | 1575 Views

EU lifted sanctions to join in looting of diamonds - not fooled by ele...

by Patrick Guramatunhu | 22 February 2019 | 2410 Views

Entertainment

TinTin suffers mental illness scare

by Mandla Ndlovu | 19 February 2019 | 4134 Views

Bulawayo artiste blasts Mnangagwa - BULAWAYO artiste Njabulo "SizFire"...

by Staff reporter | 18 February 2019 | 608 Views

Jabu features in nasty indecent tape - Studio 263 actor Jabu (real nam...

by Staff reporter | 18 February 2019 | 1471 Views

Omkhula lament lack of arts promoters in Zimbabwe

by Staff reporter | 17 February 2019 | 1057 Views

'Bulawayo artistes more popular outside Zimbabwe'

by Staff reporter | 17 February 2019 | 879 Views

Sex makes Zodwa Wabantu fat

by Staff reporter | 17 February 2019 | 3419 Views

HIFA 2019 cancelled

by Mandla Ndlovu | 15 February 2019 | 764 Views

WATCH: Jah Prayzah and Misred drop Kunerima video

by Mandla Ndlovu | 12 February 2019 | 5538 Views
iBlog

Greatsoftline For All Of Your Software Needs

coupon and promo codes: greatsoftline for all of your software needswhile some online sellers have promotional services that reduce the overall amount you spent, others do not .you need to be on the lookout for the best outlets in order to chase th... Read More
ITnews 25 February 2015 ago

Tb Joshua Worst Enemy Angelique Tonge Exposed

About two years ago, we came out emphatically about those behind the t.b joshua watch. many were those who thought we were framing innocent people up or on a witch hunt. some events have vindicated us and the cat is out of the bag. it is said that no... Read More
pointblank 01 May 2015 ago