East African governments have returned from China with a share of the $60 billion to fund Africa’s mega-infrastructure projects.
Rwanda, represented at the Forum on
China–Africa Cooperation (Focac) by President Paul Kagame, signed a
memorandum of understanding with the China-Africa Development Fund (CAD)
to accelerate joint ventures between Rwandan and
Chinese investors.
China–Africa Cooperation (Focac) by President Paul Kagame, signed a
memorandum of understanding with the China-Africa Development Fund (CAD)
to accelerate joint ventures between Rwandan and
Chinese investors.
The value of the agreement under this
deal is still unknown but the Development Fund’s basket is worth $10
billion aimed at facilitating foreign direct investments from China to
Africa.
deal is still unknown but the Development Fund’s basket is worth $10
billion aimed at facilitating foreign direct investments from China to
Africa.
According to Emmanuel Hategeka, chief
operating officer of the Rwanda Development Board (RDB), the fund will
“accelerate matching opportunities between Rwanda and Chinese investors.
The $10 billion China-Africa Development Fund
is a huge opportunity to facilitate foreign direct investment flows to
Africa.”
operating officer of the Rwanda Development Board (RDB), the fund will
“accelerate matching opportunities between Rwanda and Chinese investors.
The $10 billion China-Africa Development Fund
is a huge opportunity to facilitate foreign direct investment flows to
Africa.”
Mr Hategeka also termed China a “true
friend indeed” for extending interest free loans to landlocked African
countries like Rwanda.
friend indeed” for extending interest free loans to landlocked African
countries like Rwanda.
Rwanda hosted an investment and tourism
roadshow at the summit where Chinese investors were presented with
business opportunities and incentives currently available in Rwanda.
roadshow at the summit where Chinese investors were presented with
business opportunities and incentives currently available in Rwanda.
Other agreements included one with the
Chinese Academy of Tropical Agricultural and Sciences, signed by Patrick
Karangwa, the director general of the Rwanda Agriculture Board, through
which Rwanda will benefit from Chinese science
and technology innovations.
Chinese Academy of Tropical Agricultural and Sciences, signed by Patrick
Karangwa, the director general of the Rwanda Agriculture Board, through
which Rwanda will benefit from Chinese science
and technology innovations.
President Paul Kagame endorsed Chinese
aid and investments in Africa as “deeply transformational” and
respectful of the continent’s global position.
aid and investments in Africa as “deeply transformational” and
respectful of the continent’s global position.
During President Xi Jinping’s visit to
Rwanda in July, the two leaders signed 15 agreements worth millions of
dollars on trade, infrastructure, investment, e-commerce, human
resource, culture, science and technology, aviation,
mining, law enforcement and visa exemption for diplomatic and service
passport holders.
Rwanda in July, the two leaders signed 15 agreements worth millions of
dollars on trade, infrastructure, investment, e-commerce, human
resource, culture, science and technology, aviation,
mining, law enforcement and visa exemption for diplomatic and service
passport holders.
Both countries have a friendly political
relationship, maintaining close ties between their ruling parties, the
Rwanda Patriotic Front of Rwanda and the Communist Party of China.
relationship, maintaining close ties between their ruling parties, the
Rwanda Patriotic Front of Rwanda and the Communist Party of China.
China pledged to give Tanzania
$39,295,000, which will go towards security co-operation,
industrialisation, mining and agriculture.
$39,295,000, which will go towards security co-operation,
industrialisation, mining and agriculture.
Prime Minister Kassim Majaliwa, who
represented President John Magufuli at the meeting, said he would
convene ministerial meeting of ministers whose portfolios would benefit
from the assistance to discuss how to share out the
funds.
represented President John Magufuli at the meeting, said he would
convene ministerial meeting of ministers whose portfolios would benefit
from the assistance to discuss how to share out the
funds.
The Xinhua news agency quoted President
Xi as saying his country is willing to deepen the friendly win-win
co-operation in various fields with Tanzania to better benefit the two
nation.
Xi as saying his country is willing to deepen the friendly win-win
co-operation in various fields with Tanzania to better benefit the two
nation.
President Xi said China supports
Tanzania’s efforts to safeguard its rights and interests, developing the
economy and improving people’s livelihoods, and is willing to
strengthen sharing of experience in inter-party exchanges,
governance, development and poverty reduction.
Tanzania’s efforts to safeguard its rights and interests, developing the
economy and improving people’s livelihoods, and is willing to
strengthen sharing of experience in inter-party exchanges,
governance, development and poverty reduction.
President Xi also said the two countries
should implement key projects, strengthen people-to-people exchanges,
and maintain close communication and co-ordination on major
international issues.
should implement key projects, strengthen people-to-people exchanges,
and maintain close communication and co-ordination on major
international issues.
China is one of Tanzania’s key supporters
in its industrialisation plan that is geared towards technology
transfer in agro-processing industries, courtesy to China Africa
Co-operation.
in its industrialisation plan that is geared towards technology
transfer in agro-processing industries, courtesy to China Africa
Co-operation.
On its part, Uganda travelled to China
hoping to advance discussions on funding for the standard gauge railway
but returned without a deal.
hoping to advance discussions on funding for the standard gauge railway
but returned without a deal.
Well-placed sources on the delegation
tell The East African the Chinese were apparently not keen on the matter
which is still firmly under the control of the lender, the China Import
and Export Bank.
tell The East African the Chinese were apparently not keen on the matter
which is still firmly under the control of the lender, the China Import
and Export Bank.
State House says the delegation led by
President Museveni was able to ink an MoU between China National
Offshore Oil Company CNOOC and the Uganda National Oil Company for
exploration of a new block for oil in Uganda’s Albertine
Graben.
President Museveni was able to ink an MoU between China National
Offshore Oil Company CNOOC and the Uganda National Oil Company for
exploration of a new block for oil in Uganda’s Albertine
Graben.
China also offered two credit lines one
for 200 million yuan (Ush103 billion) and the other for 70 million yuan
(Ush38 billion). Kampala was also to benefit from the $60 billion China
has offered under the Belt and Silk Road initiative.
for 200 million yuan (Ush103 billion) and the other for 70 million yuan
(Ush38 billion). Kampala was also to benefit from the $60 billion China
has offered under the Belt and Silk Road initiative.
In a sign that the Chinese loans were
becoming a thorny issue, Kenya was on record asking Beijing to consider
providing part grant financing for its second phase Naivasha-Kisumu
standard gauge railway, with the rest as a loan.
becoming a thorny issue, Kenya was on record asking Beijing to consider
providing part grant financing for its second phase Naivasha-Kisumu
standard gauge railway, with the rest as a loan.
“The Naivasha-Kisumu phase of the SGR
will cost $3.8 billion. And owing to its regional significance, I would
request that 50 per cent of its cost be provided as part of grant
financing,” President Uhuru Kenyatta is said to have
told President Xi during a meeting at the sidelines of the Focac.
will cost $3.8 billion. And owing to its regional significance, I would
request that 50 per cent of its cost be provided as part of grant
financing,” President Uhuru Kenyatta is said to have
told President Xi during a meeting at the sidelines of the Focac.
Nairobi also got its way after China
agreed to a public-private partnership investment for the 30km
expressway from Jomo Kenyatta International Airport to Westlands suburb
in Nairobi.
agreed to a public-private partnership investment for the 30km
expressway from Jomo Kenyatta International Airport to Westlands suburb
in Nairobi.
Source: East African
Mohammed Momoh
Abuja
NIGERIA
08033023199
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