Rwanda : Investment news round-up

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China ramps up Africa-bound aid

US$20 billion in the form of concessional loans will find its way to African countries in the next three years, double the amount from the last Chinese pledge made 3 years ago in Red Sea resort of Sharm el-Sheikh, Egypt.

The funds are expected to be channeled into efforts to develop infrastructure, agriculture, manufacturing, and small and medium-sized enterprises.

Chinese President Hu Jintao made the revelation while opening the fifth Ministerial Conference of the Forum on China-Africa Cooperation (FOCAC) held at the Great Hall of the people in Beijing, China.

Coincidentally, this development comes after reports that the Asian continent was set to usurp China’s dominance in exports to Africa.

The high level forum was graced by six African heads of state from South Africa, Benin, Cote d’Ivoire, Equatorial Guinea, Djibouti, and Niger including the United Nations Secretary-General Ban Ki-moon. Dozens of Foreign ministers from 50 African countries also attended the conference.

In 2011, African exports to China sky-rocketed to more than US$93 billion, with total trade between Africa and China increasing to an estimated US$166.3 billion.



About the author

Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

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