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ChinaGoAbroad (CGA) is proud to bring you Sino-Snapshot: China's Year in Africa with our partner Asoko Insight. As African economies continue to emerge, Chinese businesses are playing an increasingly sizeable role. Please consult Asoko Insight's CGA member page or their website for an overview of the opportunities Africa has to offer for Chinese companies. To join CGA, please click here.
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China to invest $60 billion pledged to Africa despite the economic slowdown
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Chinese ambassador to Ethiopia, La Yifan, confirmed that his country's pledge to spend $60 billion across the African continent by 2019 has not been affected by the slowdown in China's growth. The pledge was made in December 2015 at the 6th Forum on China-Africa Cooperation (FOCAC) in Johannesburg.
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China and World Bank form firm to fund Africa projects
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In September a consortium of Chinese firms and the World Bank teamed up to form a special investment vehicle targeting infrastructure projects in Africa. Starting with committed funds totalling $500 million, the fund plans to adopt a multi-lateral approach to supporting projects in which it is involved.
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Chinese firm to invest $6 billion in new Industrial Park in Zimbabwe
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Chinese firm Qingdao Hengshun Zhongsheng Group has committed $6 billion to the construction of a 20,000 hectare industrial park and accompanying power plant in Zimbabwe. Construction is expected to begin in early 2017 and will focus on the production of equipment and metal products.
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China’s enormous investment in South Africa’s automotive industry
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The Beijing Automobile International Corporation and South Africa's Coega Development Corporation has signed a $821 million deal, supporting the rollout of automotive production facilities in one of South Africa's industrial zones. The industrial zone initiative has attracted 54 new investors over the last four years.
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China Exim Bank in new ‘big projects’ pledge for Tanzania
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The China EXIM Bank has pledged financial support for large projects undertaken by the new administration. Projects it has highlighted include the construction of a standard gauge railway, the Mpigaduri Port in Zanzibar and a 400KVA electricity power line from Dar es Salaam-Chalinze to Arusha.
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Nigeria seeks additional $21 billion loan from China
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In August Nigeria began negotiations with the China EXIM Bank for a loan of $21 billion, adding to its outstanding debt to the bank of $1.8 billion. Faced with slumping oil prices and scarcity of foreign exchange, Nigeria's economy has been ailing over the last year.
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China to give $290 million special loan to Lusophone states
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Following discussion in Macau, Chinese Prime Minister Li Keqiang confirmed that $290 million would be loaned to Africa's Portuguese-speaking states over the next three years. The special loan facility will target infrastructure projects and capacity-building programs.
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Uganda promotes bankable investment projects in China
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A Ugandan delegation representing the Uganda Investment Authority travelled to China in November to promote fourteen earmarked projects worth $6 billion to potential investors. One of the key themes discussed was the possibility of setting up a network of industrial parks in the East African country.
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China seeks free trade pact with East Africa region
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Facing stiff opposition, China has reached out to the East African Community with a proposal to establish a Free Trade Agreement with the region. Local firms are not optimistic, fearing they will not be able to compete with Chinese goods entering the market.
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Gambia dumps Taiwan, resumes ties with China
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Following 21 years of severed ties, Gambia has formally renewed dialogue with the Chinese Government two years after it cuts ties with former ally Taiwan. Questions linger over the future of the relationship as Gambia expects to welcome in a new government in January.
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China’s Exim Bank boosts Zimbabwe’s Hwange project in another mega deal
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The Zimbabwean government has approved a US $1 billion loan facility from the Asian financial institution, Exim Bank of China, facilitating work to commence on the Hwange Power Project. Exim Bank has asked the contractor, Sino-Hydro Corporation, to infuse $176 million as equity into the project.
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China firm wins $225 million Kipeto wind power tender (Kenya)
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Kipeto Energy’s Kajiado-based wind-power project has gathered pace after it awarded China Machinery Engineering Corporation the contract to construct the plant. The project is one of the largest in Kenya's history and expected to reach completion over the course of the next two years.
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Ethiopian Electric Power and China sign $98 million power transmission deal
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Ethiopian Electric Power (EEP) has signed a $98 million agreement with China's TBEA Contractor Ltd that will see the current infrastructure upgraded to serve the needs of the capital city, Addis Ababa. The long term vision is to integrate the system into existing East African networks for transmission.
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Chinese in major Ugandan mega sub-station investment
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The Ugandan government has granted a Chinese construction firm, CAMC, a contract to build four mega sub-stations, projected to cost about $100 million. The sub-stations are planned to be developed in the Luzira, Namanve, Mukono, and Iganga industrial parks.
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China to construct two 350MW coal-fired power plants in Ghana
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Shenzhen Energy Group Co. Ltd. of China (SEC) is expected to construct two 350MW coal-fired power plants in Ghana. The Chinese company in collaboration with Volta River Authority (VRA) aims to construct the two power projects to meet future power demand in the country.
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View Profiles of Energy Companies in Africa here.
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Interested in learning more about Africa's top companies? Asoko is happy to provide a 20% discount to CGA members interested in subscribing to its Africa corporate data platform.
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The 'Sino-Snapshot: China's Year in Africa' is a service provided in collaboration with ChinaGoAbroad member Asoko Insight. News features, project details and company profiles are provided for information only and do not reflect an endorsement or recommendation.
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