By Bukola Ogunsina, Beijing, China
China and Africa’s trade volume has reached $85 billion the first half of this year 2017 with growth rate at 19 per cent. This was disclosed by the China Africa Development Fund (CADF) recently as it hosted 27 journalists, participants of the 2017 China Africa Press Centre (CAPC) programme. At its headquarters in Beijing, the firm noted that the total investment of projects generated by the CADF through Foreign Direct Investments (FDI) to Africa is about 20 billion US dollars.
The Vice President of CADF, Wang Yong said that all the projects invested in Africa can generate approximately 2 billion US dollars for local export, 10 billion US dollars for local tax revenue which in turn directly benefit more than one million local people.
A financial and equity investment firm, CADF tracks investment projects across countries they have made diplomatic contact with on the African continent. It aims at helping the self-capacity of the countries they are involved in to develop for the pursuance of wellbeing. CADF is China’s first equity fund for investments in Africa. The Firm equally supports Chinese enterprises to invest in Africa.
The Firm presently has five representative offices in Africa namely; South Africa, Kenya, Ethiopia, Ghana and Zambia, with investments in 90 projects across 36 African countries including Nigeria. Its investments in Africa include; Infrastructure, Agriculture, Power generation, Industrial parks, with the latter being one of the major investment categories. With over 4 billion US dollars already in investments in Africa, the Firm can bring 20 billion US dollars more of investments to Africa.
An official of CADF Wu Zheneng noted that the Firm has confidence in Africa because the continent has great potentials and a large young population. Furthermore, the international society believes that Africa’s economy is rising. “These indicators are very attractive to us,” he said. Africa’s economy’s GDP growth speed in 2017 is at 3.2 percent. At the moment, China is the biggest economic partner of Africa.
The Deputy Director General of operating management department, Jiang Lin says that CADF first of all checks to see that the potential country is economically viable before other processes can follow. “We respect local customs and environment of the host countries. We would require the companies involved to respect customs and social responsibilities in these countries as well,” she said. CADF works with government and other civil organisations to alleviate poverty in Africa. The CADF is also an important forum for cultural exchange.
NEWS – leadership.ng