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Record investment in Africa spearheaded by China, World Bank says
Published in Saudi Press Agency on 10 - 07 - 2008


China has taken the lead in building up
infrastructure in some of the world's poorest regions in Sub-Saharan
Africa, the World Bank said in a new report released Thursday, according to dpa.
India and some Middle Eastern countries have also contributed to a
record number of infrastructure projects being financed in southern
Africa, an area of the globe that has long been neglected by
international investors.
In a growing sign of cooperation between developing countries, the
World Bank said that emerging economies' investment in Africa had
jumped from an average 1 billion dollars per year before 2004, to 8
billion dollars in 2006 and 5 billion dollars in 2007.
Much of Africa's infrastructure remains woefully inadequate and is
cutting the continent's growth rate by an average of 1 per cent per
year, due to extra transport costs and a lack of power generation.
The new influx of funds could help address those inefficiencies, the
bank's report said.
But China has also gained from the partnership, acquiring 22
billion dollars worth of natural resource exports from Sub-Saharan
Africa in 2006, up from only 3 billion dollars in 2001. Of those
exports, 80 per cent is petroleum to feed China's surging energy
needs.
The complementary demands have created a win-win situation for
both sides, according to Vivien Foster, a World Bank economist and
lead author of the report.
"China's growing demand for natural resources is matched by
Africa's significant and often under-developed oil and mineral
reserves," Foster said. "Africa's urgent need for infrastructure is
matched by China's globally competitive construction industry."


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