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Africa industrialisation receives Chinese boost


Monday, 22 August 2016

Africa industrialisation receives Chinese boost

China has reinforced its position as Africa’s biggest lender for infrastructure financing. The Export-Import Bank of China (China Exim) has committed to major projects with the African Export-Import Bank (Afreximbank) and with the Tanzanian government. A co-operation agreement with Afreximbank aims to create a US$1bn China-Africa investment and industrialisation programme to facilitate the construction and creation of industrial parks and special economic zones on the continent and to provide Africa with the capacity for light manufacturing and primary processing of raw materials and commodities. The two organisations also commit to support logistics and infrastructure that facilitate intra-regional trade and improving trade finance flows into Africa, through risk participation arrangements, cross-referral of business contacts, and indirect funding of China Exim to obligors through Afreximbank.

Source: gtreview.com