Investment from China to Africa is expected to reach two billion U.S. dollars
in 2007, Donald Kaberuka, president of the African Development Bank (ADB),
said in Shanghai 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 11.7 billion U.S. dollars by the end of 2006.
Trade volume
between the two sides hit 55.5 billion U.S. dollars 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.
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