"China's decade-long assistance to Africa has borne tangible results with thousands of kilometers of new railroads and dozens of ports, airports and power stations built due to Beijing's investment projects.Related:
According to some researchers, Africa may emerge as a new global powerhouse."
China has been facilitating Africa's rise as a potential "global manufacturing powerhouse," insists Irene Yuan Sun in a new book eloquently titled "The Next Factory of the World."
The book reveals how Beijing is now sharing its experience and best practices with the African continent, having transformed its own country into a production workshop over the past few decades.
According to research from the Russian International Affairs Council (RIAC), China has become the main trade partner of African countries since 2009. While in 2000 the total turnover between China and African states amounted to just $10 billion, the figure skyrocketed to $220 billion by 2014.
In 2017 China came out on top in providing loans to African countries with its total amount exceeding $100 billion. Beijing's major partners in the area of direct and portfolio investments are Egypt, Nigeria, Algeria, South Africa, Ethiopia, DRC, Zambia, Angola, Morocco, Niger, Cameroon, Chad and some other countries, the RIAC study says.
Observers single out the China-Africa Development Fund, more commonly known as the CAD Fund, which was created and funded by the state-owned China Development Bank in 2006 and became operational in 2007.
Unlike other aid agencies of the People's Republic of China (PRC), instead of providing loans the fund carries out direct investments in Africa through co-financing of Chinese and foreign company projects on the African continent. The CAD Fund provides one-third of the funding required for a project, acting as a passive investor.
Over the last 10 years, the institution has invested about $3.2 billion in 91 projects in 36 African states.
According to 2017 data, African countries annually produce 11,000 trucks, 300,000 air conditioners, 540,000 refrigerators, 390,000 TV sets and 1.6 million tons of cement within the framework of the CAD Fund's initiatives....MUCH MORE
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