China and Cameroon Vow to Deepen Pragmatic Cooperation under the Framework of the Belt and Road Initiative (BRI)

Yaoundé, Jan. 23: China and Cameroon have vowed to deepen pragmatic cooperation under the framework of the Belt and Road Initiative (BRI) and implement the proposals agreed at last year's Forum on China-Africa Cooperation (FOCAC).

Yang Jiechi, Chinese President Xi Jinping's special representative, made the remarks on Friday during a meeting with Cameroon's President Paul Biya in Yaounde. Yang is also a member of the Political Bureau of the Central Committee of the Communist Party of China (CPC) and director of the Office of the Foreign Affairs Commission of the CPC Central Committee.

He said the two nations should jointly boost cooperation under the BRI and enhance friendly exchanges at all levels. China is willing to continue to support economic development and to improve people's livelihoods in Cameroon, he continued.

Yang conveyed to Biya cordial greetings from Xi, noting that the African nation's president attended September's Beijing Summit of FOCAC and has achieved important consensuses with Xi, opening up new development opportunities for bilateral ties.

Biya said that Cameroon attaches great importance to its friendship with China and appreciates its partner's long-term support and assistance.

He stressed that Cameroon is determined to jointly implement the fruitful outcome of FOCAC, and strengthen communication and cooperation with China in multilateral affairs.

During the visit, Yang also met Cameroon's Prime Minister Joseph Dion Ngute and Foreign Minister Lejeune Mbella Mbella.

(Cover: Yang Jiechi (L), Chinese President Xi Jinping's special representative, meets with Cameroon's President Paul Biya (R) in Yaounde on January 18, 2019. /Photo via the official website of Chinese Foreign Ministry).

China Cameroon Cooperation

Cameroon and China signed five development agreements last year. These include:Cameroon and China signed five development agreements last year. These include:
1) An economic and technical cooperation agreement between the governments of Cameroon and China;
2) A memorandum of understanding on the development of human resources;
3) A protocol agreement to reinforce cooperation on infrastructural development between the Chinese Ministry of Trade and Cameroon’s Ministry of the Economy, Planning and Regional Development;
4) A capacity-building framework agreement on production between the National Development and Reform Commission of the People’s Republic of China and Cameroon’s Ministry of the Economy, Planning and Regional Development;
5) A Concessional Loan agreement between the Exim Bank of China and Cameroon to cover phase two of the potable water supply project in nine towns in Cameroon.


Nigerian President Inaugurates China Assisted New Terminal at the Nnamdi Azikiwe International Airport in Abuja, Nigeria

Abuja, Dec. 23: China-assisted and built Nnamdi Azikiwe International Airport terminal in the capital city of Abuja was inaugurated by Nigerian President Muhammadu Buhari on Thursday, paving the way towards achieving the dream of African connectivity. The multi-billion dollar infrastructure project will boost regional integration and enhance trade and cultural ties.

The “ultra-modern” facility will accelerate the government’s goal to develop Nigeria into a regional air transportation hub, President Buhari said while speaking at the the inauguration ceremony of the terminal, supported by the Export-Import Bank of China and constructed by the China Civil Engineering Construction Corporation (CCECC), which is involved in many ongoing infrastructural projects in Nigeria, including rail and road construction.

“This event today reflects Government’s deliberate policy to sustain the development of Nigeria’s infrastructure. We are gradually closing the infrastructural deficit bedeviling our country,” Buhari added.

In his speech, Buhari also said that the Nnamdi Azikiwe International Airport terminal is the first to be connected to a rail transport system in the country and the West African region.

The new international airport terminal, the largest in West Africa, is a world-class aviation transport facility designed to handle 15 million passengers annually, open more convenient air routes and contribute immensely to the economic and infrastructure development of Nigeria.

The new terminal, the second in a series of four new terminal projects in Nigeria, was constructed in partnership with the Chinese government. In October, a terminal was inaugurated at Port Harcourt Int’l Airport in southern Nigeria. The other two terminals are respectively in Kano and Lagos.

These four new international airport terminals are counted on to modernize airport operation and passenger facilitation across Nigeria, enabling the Nigerian government to realize its set objective of elevating its aviation industry to meet international standards.

Travelers and users of the major airports in Nigeria have long complained about congestion, insufficient facilities and outdated equipment.

The new terminal at Nnamdi Azikiwe has 72 check-in counters, five baggage collection carousels, 28 immigration desks at arrival and 16 at departure, eight security screening points and eight passenger boarding bridges.

It also has a walkway to link the Nigerian capital metro rail with an additional apron linking the domestic wing of the airport and many other facilities.

Nigerian Aviation Minister Hadi Sirika said the facilities were properly designed and laid out in accordance with modern requirements for airport operations.

Sirika said the airport is strategic to Nigeria, as the gateway to the nation’s capital, and is the second busiest airport in the country.

“Likewise, the Nnamdi Azikiwe International Airport is the fastest growing in passenger traffic in West and Central Africa with an average growth rate of 8 percent,” Sirika said.

Chinese Ambassador to Nigeria Zhou Pingjian, noting that the most effective way to develop an economy is to provide transportation infrastructure, urged the Nigerian government to continue to improve the sector.

Zhou said the completion of the capital international airport terminal project has added impetus to the mutually beneficial China-Nigeria cooperation, noting that the Chinese government is committed to partnering with Nigeria to build long-lasting infrastructure in the country.

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

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-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)

More Articles ...

Page 1 of 3