Investment from China to Africa is expected to reach US$2
billion in 2007, Donald Kaberuka, president of the African
Development Bank (ADB), said on Saturday.
Over the past six years, trade volume between China and Africa
quintupled, he said while meeting reporters prior to the 2007
Annual Meetings of the Board of Governors of African Development
Bank Group to be held in Shanghai from May 16 to 17.
Figures released by the Chinese authorities showed that
investment from China in Africa had totaled US$11.7 billion by the
end of 2006.
Trade volume between the two sides hit US$55.5 billion in 2006,
maintaining an annual growth rate of more than 30 percent in the
past five years.
"Something was happening in Africa over the past six years,
which was not happening for 30 years," Kaberuka said. "The economic
growth picked up in an incredible way, and we are appealing to
African partners to come not just for oil and gas, but for other
opportunities."
According to the ADB, economic activity in Africa is estimated
to rise nearly 5.5 percent in 2006 and is expected to grow by 5.9
percent and 5.7 percent in 2007 and 2008 respectively.
Oil-exporting countries are outpacing others by a substantial
margin.
The ADB is an institution linking China and Africa, and plays an
important role as a catalyst of their relationship, the president
said.
Asked about expectations for the meetings, he said that the ADB
members need more cooperation to examine ways for the bank to play
a bigger role in promoting both the private and public sectors in
Africa.
"China is the fastest growing country with the largest market in
the world, and we come to know how this happens," Kaberuka
said.
"We also come to consolidate the links between China and Africa
following the China-Africa summit (in Beijing)," he said, noting
that he was looking forward to constructive discussions on all
subjects of common interests with the participants, apart from
trade and investment.
(Xinhua News Agency May 13, 2007)
