China Unveils $42 Billion Investment Plan for Africa

via China Unveils $42 Billion Investment Plan for Africa by Blessing  Zulu 09.05.2014 VOAZimbabwe

The three-day World Economic Forum in Abuja, Nigeria, which has been overshadowed by the kidnapping of more than 200 girls by Islamic extremist group, Boko Haram, ended Friday with the major highlight being China unveiling a $42 billion investment plan for Africa.

Chinese Prime Minister Li Keqiang said the funds would be channeled to economic development on the continent.

China, he said, is ready to provide financing, technical and human resource support to the region’s economies while also increasing its investment financing to about $10 billion and extending credit lines to African countries to a total of $30 billion.

Zimbabwe is set to benefit from the China-Africa trans-regional infrastructural cooperation which is set to develop a high speed rail network connecting all African capitals.

Zimbabwe, which did not send a government delegation to the forum, has close ties with China.

But relations have been weakening with President Robert Mugabe and his ministers publicly denouncing Chinese investment in the country as not benefitting the country that much.
Businessman Nigel Chanakira, also chairman of the Zimbabwe Investment Authority, who attended the forum said the kidnapping of the girls was a cause for concern at the forum.

 

COMMENTS

WORDPRESS: 5
  • comment-avatar
    roving ambassador. 7 years ago

    And chinamasa wants half of that. In your dreams.

  • comment-avatar
    Petal 7 years ago

    and with it COMES THE IVORY AND THE RHINO HORN!!

  • comment-avatar

    The Chinese are not stupid, they know the situation and that Zimbabwe is heading for total collapse. They won’t give these thieves any money but they will give them cash for minerals

  • comment-avatar

    The Scramble for Africa.

  • comment-avatar

    BRING IN THE PANDAS!!