China's USD20bn for Africa
BUSINESS| July 20, 2012, 5:29 p.m.
China says it will provide a USD20 billion line of credit for infrastructure development in Africa.
Chinese President Hu Jintao told Government Ministers from 50 African countries at the 5th Ministerial Forum on China-Africa Cooperation (FOCAC) conference in Beijing that China would to assist them in developing infrastructure, agriculture, manufacturing and small and medium-sized enterprises.
Among his pledges, the President saidChina would build more agricultural technology demonstration centers as necessary to help African countries increase production capacity. China will also implement the "African Talents Program" to train 30,000 personnel in various sectors for Africa, offer 18,000 government scholarships, and build cultural and vocational skills training facilities in African countries.
The country also plans to will deepen medical and health cooperation with Africa, help African countries enhance capacity building in meteorological infrastructure and forest protection and management, and assist with projects to supply safe drinking water.
China's trade with and investment in Africa have been expanding, he noted, saying in 2011, our two-way trade reached 166.3 billion U.S. dollars, three times the figure in 2006. Cumulative Chinese direct investment in Africa has exceeded 15 billion U.S. dollars, with investment projects covering 50 countries.
MORE BUSINESS NEWS
MTN Business launches Supplier Development Programme in MpumalangaMTN Business has reaffirmed its commitment to develop small and medium-sized enterprises (SMEs) within Nelspruit by extending its Supplier Development Programme (SDP) and Accelerator Programme (AP), the company’s enterprise development initiatives, to the Mpumalanga Province of South Africa. Read More
VMware appoints Senior Vice President and GM of EMEAVMware, a global leader in cloud infrastructure and business mobility, today announced the appointment of Jean-Pierre Brulard as Senior Vice President and General Manager of EMEA. Read More
InfoGraphics chief urges investment in tech start-upsThe Managing Director of InfoGraphics Nigeria, Chinenye Mba-Uzoukwu, has urged wealthy Nigerians to invest in tech start-ups. Read More
Convergence Partners acquires stake in Nigerian Fintech firmConvergence Partners has announced an investment of $20m for a strategic, minority stake in Venture Garden Nigeria. Read More
MTN Business augments its management team further with key strategic appointmentMTN Business SA has appointed an industry veteran, Mariana Kruger, as General Manager of Private Sector. Read More
SA Competition Tribunal approves Telkom-BCX mergerBusiness Connexion Group Limited has announced that the Competition Tribunal of South Africa has approved the proposed merger between Business Connexion Group Limited ("BCX") and Telkom SA SOC Limited ("Telkom") with the imposition of conditions. Read More
Kenyan SACCOS riding on innovation to attract customersAs confidence in mainstream banks remains low due to prohibitive interest rates, customers are embracing Savings and Credit Cooperatives (SACCO) as an alternative. Read More
BITC invites ICT investorsThe Botswana Investment and Trade Centre (BITC) is casting its net wide to appeal to players in the Information Technology sector to invest in the country. Read More
Yudala ‘an unstoppable movement’The opening of Yudala outlets, combining an online shopping platform with retail stores, has been described as a game-changer in Nigeria. Read More
Travelport, TTS sign reseller agreement for Africa, Middle East and Asia Pacific regionTravelport and TTS have signed a sales and distribution agreement for TTS products in the Africa, Middle East, and Asia Pacific regions. Read More
FEATURED STORYYoung innovators shine during pitch sessions
Botswana saw an array of upcoming tech wizards selling their ideas during the Vendors’ Day pitch sessions this week.
BEST READ NEWS
IN DEPTHHigh tech homes: Just press play
High tech, digital homes where everything is automated and connected aren’t the stuff of science fiction any longer, says BNC Technology.