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China's Africa fund makes 90 million dollar debut: report
Beijing (AFP) Jan 16, 2008 A Beijing-backed equity fund that aims to boost Sino-African ties has signed a first batch of investment deals worth more than 90 million dollars, state media reported Wednesday. The China Africa Development Fund would invest the money in Sinosteel and three other Chinese companies with projects in Africa, with a total cost of four billion dollars, the China Securities Journal said. They include a glass plant in Ethiopia with an annual production of 40,000 tonnes, a 200,000-kilowatt gas-fired power plant in Ghana, a chromite project in Zimbabwe, and a building material project, it said. The China Africa Development Fund was launched in June last year and had received one billion dollars from the China Development Bank, a policy bank, but this was expected to eventually reach five billion dollars. The goal of the fund was not to achieve the highest possible return on investment but to "support the strategic cooperation in the political, economic and diplomatic fields," Gao Jian, chairman of the fund, said at the time. Some Western critics have accused China of worsening repression and human rights abuses in Africa through support of countries such as Sudan and Zimbabwe in what they see as a cynical drive to increase access to African oil and other resources. The China Daily newspaper said Wednesday that there were more than 800 Chinese firms currently investing in Africa, of which 12.5 percent were large state-owned companies. China is Africa's third largest trading partner and bilateral trade reached 55.5 billion dollars in 2006, the latest figure available. Related Links Powering The World in the 21st Century at Energy-Daily.com
China's crude oil imports hit new record in 2007: customs
Beijing (AFP) Jan 11, 2008China's crude oil imports hit a new record of 163.17 million tonnes in 2007, up 12.4 percent over the previous year, the government said Friday. |
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