Saturday, 04 February 2012 04:35

Newsletter 2

In this newsletter:

  • Ethio- China trading partnership further advances
  • Record High Chinese Investment in Ghana
  • China Denies Land Grab allegations in Africa

Ethio- China trading partnership further advances

China reaffirms strong economic ties with Ethiopia with the provision of a loan agreement of 6.9 billion birr to be used for upgrading and maintenance of safe water in the capital and achievement of the Growth and Transformation Plan (GTP). The loan agreement concluded on Dec 05, 2011 in Addis Ababa between Finance and Economic Development Minister Sufian Ahmed and Vice President of Exim-Bank of China, Zhu Hongjie, stipulates that 1.7 billion birr of the stated sum will be utilized to drill water wells in selected areas of the City.

In a related news the pioneer Ethiopian bank, commercial bank of Ethiopia, signed a memorandum of understanding with its Chinese counterpart; the Exim bank of China. Accordingly the latter agreed to provide a loan of 5.2 billion birr to be used for implementation of several projects under the GTP.


Record High Chinese Investment in Ghana

Recorded as the highest in history China's trade investment in Ghana’s economy in the first three quarters of 2011 amounted to $2.5 billion. In the opening of the Ghana-Hubei China Trade Investment Exhibition and Seminar 2011 on December 08, 2011, commercial and economic affairs chancellor at the Chinese Embassy; Mr Gao Wen Zhi, announced the news. He also added that such a pace dictates that the investment can climax as high as $3.5 billion, representing an increase of 50 per cent over the previous year’s performance.

Mentioning the relative betterment of Ghana in infrastructure, convenient transportation system, abundant natural resources, a stable political environment and steady economic growth, the Vice-Chairman of the Hubei Committee, Mr Li Youcai, underlined that in the past few decades the two countries had had extensive exchanges and friendly co-operation in the fields of politics, the economy and culture.


China Denies Land Grab allegations in Africa

“China always seeks food self-sufficiency through its own domestic output” were the defense words of Hong Lei, the Chinese Foreign Ministry spokesman. In a regular press briefing held in Beijing on Dec. 8, 2012 it was made clear that China does not admit any wrong doing in its business engagement in Africa. It refuted the claims of land grab in Africa which seems to be believed the case by many. Calling for "concrete" efforts to help the continent's agricultural sector develop in a sustainable way the spokesman added that China has been providing the much needed technical assistance to the agriculture sector of the continent and ascertainment of continental food security. 

The spokesman said that some Chinese enterprises are carrying out small-scale cooperation through internationally-accepted business models with their partners in Africa, and sell their products to meet local demand.

Hong cited that 2011 saw the biggest donation since 1949 made by China to Africa amounting to 443.2 million yuan (about 70 million U.S. dollars) in emergency grain and funds to famine-stricken countries in the Horn of Africa.




Last modified on Saturday, 04 February 2012 04:53