Sun, Dec

Tunisia to Become Member of AIIB bank to Implement Development Projects in Infrastructure

Tunis, Nov. 25: Tunisia will become a new member of the Asian Infrastructure Investment Bank (AIIB), a multilateral development bank that aims to support the building of infrastructure in the Asia-Pacific region. The bank currently has 87 member states from around the world.

'Tunisia’s accession into AIIB will allow the country to benefit from the funding granted by this bank to implement development projects in infrastructure, transport, renewable energy, environment and water resources management,  Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB, said on Wednesday while meeting with Tunisian President Beji Caid Essebsi, in Tunis.

Jin Liqun, who is making a working visit to Tunisia, also stressed the importance that the AIIB attaches to co-operation with Tunisia whose strategic location and different strengths allow it to be a promising regional platform.

Essebsi called for cooperation programs and future financing for the development of inland regions through infrastructure and renewable energy projects.

Tunisia is a North African country bordering the Mediterranean Sea and Sahara Desert.

several Tunisian officials have expressed their willingness to see Tunisia participate in the “Belt and Road” initiative.

Tunisia, enjoying a key position in the Mediterranean between Europe and Africa, is  a privileged tourism destination attracting  Chinese investments in the service sector.

At 2018 Forum on China-Africa Cooperation, Tunisian established “solid partnership” with the China’s Belt and Road Initiative (BRI). The deals included projects to turn Tunisia’s southern port of Zarzis into an economic and trade hub, build a bridge connecting Djerba, Tunisia’s main tourism island, to Djorf in the mineral-rich Medenine region and construct a 140km railway connecting the coastal region of Gabes to Zarzis.

Joining AIIB would help Tunisian business community to diversify their trade and investment.

China Dasheng Bank to Open Doors in Dar e sSalaam, Tanzania, to Tap into Growing Chinese Investment

China Dasheng Bank is Set to Open Doors in Dar e sSalaam, a Major City and Commercial Port on Tanzania’s Indian Ocean coast , to Tap into Growing Chinese Trade and Investment in Country and Boost Use of Chinese Currency, Yuan. The Initiative Will Help Boost Africa’s Development, Enhance Cooperation, and Increase Financial Connectivity under the Belt and Road, an initiative aimed at revival ancient Silk Road


Dare s Salaam, Nov.24 : A NEW commercial bank formed by China's state owned and private enterprises open doors in Dar es Salaam Monday next week to tap into growing Chinese trade and investment in Tanzania and boost use of Chinese currency, Yuan.

China Dasheng Bank Limited, a fully-fledged commercial bank will become the newest entrant in the Tanzania's banking sector and targets to support China funded projects in Tanzania and provide credit for individuals and enterprises doing business with China, according to the Board Chairman Ji Jiaqin.

He told reporters in Dar es Salaam yesterday that with initial capital of 40 million US dollars, the bank would also establish RMB clearing and settlement centre with a focus on the East African region to enable clients to trade directly in Renminbi, the official currency of China.

"There are a large number of Chinese enterprises in Tanzania, including government and private enterprises, he said at the meeting with media personnel.

"We have plans to actively participate in the construction of RMB clearing centre in East Africa, strive to become the RMB clearing/settlement centre in Tanzania and reduce the exchange losses in trading between the two currencies."

Chinese nationals are coming en-masse to Tanzania to do business and work on construction projects funded by the Chinese government and other private enterprises while Tanzanians have been making trips to the Asian country to purchase Chinese merchandise.

The Chairman said in Dar es Salaam yesterday that they provide all round financial services for all kinds of enterprises and individuals in Tanzania as well as enterprises and individuals who work with China.

The bank will provide all usual banking products such as demand, call and time deposit accounts, overdrafts, and loans in local currency and all major foreign currencies, he said.

Additional services to be made available to customers would include trade finance for both imports and exports including letters of credit, bill for collection, foreign exchange dealings and bank guarantees, he said.

Other services would include asset finance, insurance premium financing, treasury products, construction financing and syndicated loans. China is Tanzania's largest trading partner, with bilateral trade amounting to 3.88 billion U.S. dollars in 2 016 .

The Asian global economic powerhouse is also Tanzania's second-largest source of Foreign Direct Investment (FDI) and about 72 4 Chinese companies are registered with the Tanzania Investment Centre (TIC), according to Executive Director, Geoffrey Mwabe in an interview with X inhua.

Chinese investment in Tanzania has increased by more than 40 per cent in recent years, reaching $ 4 billion in 2016 , chief commercial representative at the Chinese embassy, Lin Zhiyong was quoted by media as saying.

China to build Africa's tallest skyscraper in Rabbat,Morocco

Beijing, July 24: A Chinese firm, China Railway Construction Corporation (CRCC) along with Morocco's BMCE Bank of Africa and Travaux Generaux de Construction de Casablanca, Morocco's leading construction company, have signed a deal with local companies to build Africa's tallest skyscraper in the Moroccan capital, Rabat, China's CCTV reported on July 24, 2017. The 55-story tower will be 250 meters tall and use ecological and sustainable design concepts. 
China to build Africas tallest skyscraper in Rabbat Morocco 1
It will house offices, hotels and luxury apartments, according to the report. The tower will be the highlight of a large-scale project to develop the Bouregreg Valley in Rabat, a key component of the 2014-2018 Integrated Development Program dubbed "Rabat, City of Light, Moroccan Cultural Capital." The new project also involves the construction of several innovative facilities, including the Grand Theater of Rabat, the Arts and Culture House, the National Archives of the Kingdom of Morocco and the Archaeological Museum.
Source: CCTV

Ethiopia Aims to Build Development Belt along Ethiopia-Djibouti Railway: Minister

ADDIS ABABA, July 23: Ethiopia aims to build along the Ethio-Djibouti electrified railway a development belt attracting investment, particularly in the manufacturing sector, Ethiopia's transport minister has said. Speaking to Xinhua on Saturday, Ahmed Shide, Minister of Ethiopia's Ministry of Transport, said the under-construction Dire Dawa and Adama Industrial parks, as well as the planned Ayisha Industrial Park, which lie on the path of the rail line in particular, are the focus of the development belt. Dire Dawa and Adama Industrial Parks, 446 km and 99 km East of Ethiopia's capital Addis Ababa, are both being built by China Civil Engineering Construction Company (CCECC).

Dire Dawa Industrial Park is being built at a cost 190 million U.S. dollars while Adama Industrial Park is being built at a cost 125 million dollars.

"The Industrial parks lying on the path of Ethio-Djibouti railway line will be a game changer for both counties and in general for the region, enhancing economic transformation in the region and helping in ease of transportation of goods," said Shide.

"The railway will not only be a transportation line but also be a development corridor facilitating investment particularly in manufacturing sector," he added.

The Ethio-Djibouti rail line spanning 756 km connecting landlocked Ethiopia to Djibouti is expected to start commercial operations in October, according to Shide. The electrified rail line is expected to cut transportation time needed for goods to reach Djibouti port from the Ethiopian hinterland from at least two days to 10 hours. The rail line will also provide a passenger service, with an average speed of 120 km per hour and a single coach holding 118 passengers at a time. "The Ethio-Djibouti rail line in the future is envisioned to be part of a larger rail network connecting other parts of Africa through neighboring South Sudan and Sudan," said Shide.

Source: (Xinhua)

China-Africa Development Fund Sponsored 90 projects of $20 billion in 36 African nations since 2007

Beijing,Aug. 24: The China-Africa Development Fund, CAD Fund, whose role is to finance major Chinese investments in Africa, has so far positively impacted the lives of a million people on the continent since its inauguration in 2007. The institution, which is China’s first and largest equity investment fund with focus on Africa, has in 10 years sponsored 90 projects worth 20 billion US dollars in 36 African nations.

20 billion US Dollars invested in Africa

The disclosure was made in the Chinese capital, Beijing on August 22 during a visit to CAD Fund’s headquarters by 27 African journalists. According to Wang Yong, CAD Fund’s vice president, China’s direct investments in Africa totaled 20 billion US dollars in the past 10 years. Some 2 billion US dollars was generated in local exports, 1 billion US dollars collected as tax revenue, while a million Africans benefitted from the 90 projects.

Wang Yong said his institution was most interested in supporting joint large-scale projects by African and Chinese entrepreneurs. He noted that projects have even been sponsored in African countries that do not have diplomatic relations with China. The CAD Fund vice president said the objective was to boost capacity for self-development in project host countries.

Financing interests

With a capital of 10 billion US dollars, CAD Fund, which is under the China Development Bank, focuses on four main areas – agriculture and livelihoods, energy and minerals, building industrial capacity, and infrastructure development. It has also played a major role in setting up Chinese-driven industrial parks in Africa.

CAD Fund projects are guided by the principle of development finance and are also based on requests by African countries. It offers both financing and consulting services to Chinese companies investing in Africa. “CAD Fund is always more than willing to provide support for projects from governments, institutions and companies in Africa to realize our win-win goals,” Wang Yong stated.

Why Africa?

Jiang Lin, CAD Fund deputy director general in charge of operations management, said the institution was created in June 2007 because of China’s confidence in Africa, the continent’s great potentials, large youth population, consuming middle class numbering 370 million, and annual economic growth of 2 per cent. As Africa’s largest trade partner, Chinese investments on the continent are expected to hit 100 billion US dollars by 2020, Jiang Lin predicted.

In order to ease operations on the field, CAD Fund maintains five regional offices in Africa – Ethiopia, Ghana, Zambia, Kenya and South Africa. Unlike commercial banks that only fund projects, CAD Fund also participates in the management of the projects it finances. Jiang Lin said CAD Fund does not only bring capital, but also foreign enterprises and technology to make projects more sustainable. 

Comprehensive strategic partnership

Chinese President Xi Jinping in 2013 chose Africa for his first foreign trip since coming to power. He used the occasion to present sincerity, real results, affinity and good faith as guidelines for China’s African policy. Premier Li Keqiang in 2014 visited Africa and drew the blueprint for China-Africa cooperation.

At the 2015 FOCAC summit in Johannesburg, South Africa, President Xi proposed that the China-Africa strategic partnership be upgraded to a comprehensive strategic and cooperative partnership. He then put forward China’s cooperation plans, thus marking the beginning of a new phase in China-Africa relations, Wang Yong said.

*Kimeng Hilton Ndukong, a contributor to People’s Daily Online, is Sub-Editor for World News with Cameroon Tribune bilingual daily newspaper in Cameroon. He is currently a 2017 China-Africa Press Centre, CAPC fellow. 

China's Jack Ma Says Africa has Potential to Have E-commerce Bigger than Europe and U.S.

KIGALI, July 22 Chinese billionaire entrepreneur Jack Ma on Friday advised African youth entrepreneurs to think out of the box and create a bigger e-commerce on the continent. He made the remarks while delivering his keynote address at the inaugural of YouthConnekt Africa Summit in the Rwandan capital Kigali that focuses on promoting job creation through entrepreneurship and skills development among the youth in Africa. "Africa is a home and solution for inclusive economy that the world needs. Think big and think about future. You have a great potential, the future of e-commerce in Africa is bigger than Europe and U.S.," said Ma, founder of Chinese e-commerce giant Alibaba.
"Think big for the future. It took me 18 years to build e-commerce, but it could take you 5 to 8 years to build e-commerce in Africa since the continent has already laid a conducive environment for you to thrive," said the special advisor of the United Nations Conference on Trade and Development (UNCTAD). He said that African entrepreneurs should learn from failure. "Africa has to get used to failure. If you can't, then how can you win?" The three-day summit is organized by the government of Rwanda, United Nations Conference on Trade and Development (UNCTAD) and UNDP. The summit from July 19 to 21 is dubbed: "Realizing Africa's Youth Potential."
Africa has potential to have e commerce bigger than Europe and U.S Says Jack Ma 3
It has attracted over 3,000 participants including top executives from multinational companies, leaders of civil society organizations, Africa's development partners, members of the academia and youth entrepreneurs from 90 countries across Africa and beyond to interact and discuss on enhancing the potential of the youth in Africa, according to the organizers.
At the summit, Ma announced four projects to support African entrepreneurs, African young people and efforts of conservation in Africa. The four projects are supporting 200 African entrepreneurs in the next five years, working with universities and governments to develop training program for African young people on e-commerce and cloud computing, setting up a conservation award for conservation rangers and donating 10 million U.S. dollars to establish a young entrepreneurs development fund.
Source: (Xinhua)

ADDIS ABABA, July 11 (Xinhua) :Ethiopia is to inaugurate two Chinese built industrial parks in September, as the East African nation strives to become the continent's manufacturing hub.

The statement was made on Monday by Tadesse Haile, state minister of economic affairs at the office of the Ethiopian Prime Minister Hailemariam Desalegn.

thumbnail Ethiopia Africa

The two industrial parks are the Dire Dawa Industrial park 446 km East of Ethiopia's capital city Addis Ababa and the Adama Industrial Park 99 km East of Addis Ababa. Dire Dawa Industrial Park and Adama Industrial parks are both being built by China Civil Engineering Construction Company (CCECC) at a cost of 190 million and 125 million U.S. dollars respectively.

Both industrial parks are primarily aimed at fulfilling Ethiopia's ambitions to be a textile and apparel manufacturing hub in Africa earning the country one billion U.S. dollars by 2020 and providing ample employment opportunity for its estimated 45 million workforce.

Li Zhiyuan, Deputy Project Manager at CCECC on his part says industrial parks are a means for Ethiopia to enhance local employment, increase investment attractiveness and boost its competitive advantage.

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