Chinese investment funds
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China, Africa ink $17 bil preliminary cooperation pacts

Comments (0) Africa, Business, Latest Updates from Reuters

BEIJING (Reuters) – Chinese companies and banks agreed preliminary deals with African counterparts on $17 billion worth of cooperation in sectors including infrastructure, energy, pharmaceuticals and information technology, the official Xinhua News Agency reported on Thursday.

Companies and financial institutions signed letter of intent for 39 cooperations pacts at a China-Africa economic and trade event in Beijing attended by more than 400 delegates.

Xinhua did not give further details.

Last year, Chinese President Xi Jinping announced a $60 billion development initiative at a summit in South Africa, saying it would boost agriculture, build roads, ports and railways and cancel some debts.

Such an initiative would proceed despite China’s slowing economy, Chinese officials have said.






(Reporting by Chen Aizhu; Editing by Catherine Evans)

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Chinese investment funds in Africa

Comments (0) Business

The increasing number and capitalization of Chinese investment funds in Africa causes both opportunities and losses for African countries.

According to the latest China-Africa Economic and Trade Cooperation White Paper published in 2013, cumulative Chinese OFDI (outward foreign direct investment, showing the total accumulated value of assets) to Africa amounts to US$21 billion (by official figures). Statistics published by Chinese Ministry of Commerce show that Chinese yearly OFDI flows to Africa increased sharply from $317 mn in 2004 up to $2.52 bn in 2012. Chinese premier minister Li Reqtang, while his official visit to Africa in 2014, predicted that Chinese OFDI to Africa will reach $100 bn by 2020. (more…)

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