The Chinese authorities have disclosed that it has invested about $4 billion through its China-Africa Development (CAD) Fund in Nigeria and 37 other countries to boost infrastructure in the continent. Chinese government said the fund was invested in 88 projects across 37 African countries, including Nigeria.
These projects, according to the Chinese government, covered all kinds of sectors, from infrastructure to manufacturing, energy and mineral resources.
However, it explained that the CAD Fund is managed by China Development Bank, adding that the equity investment fund, since its establishment in 2007, had invested $4 billion as at the end of November 2016. Vice-President of CAD, Wang Yong, delivered the figures at a business partnership event attended by Chinese and African firms in Guangzhou, South China’s Guangdong Province.
Wang also stated that in addition to the funds’ financial backing, the projects have attracted an additional $17 billion in enterprise investments and bank loans across Africa. He noted that one dollar of CAD Fund investment attracts five more dollars from other Chinese investment.
The initial seed fund of $1 billion was used by CAD Fund to set up diversified financial vehicles to facilitate Chinese investment in Africa.
The fund mainly focuses on long-term investment projects. Similarly, a raft of high profile investment and infrastructure projects to develop crude oil and gas pipelines, oil refineries, ports, highways and railways in Nigeria have been announced by the Chinese authorities.
Chines government said that Oilserv, Chongqing Construction Engineering Group, Tianjin Energy and Alpha Group of Companies have signed multi-billion dollar memorandum of agreements (MOAs) to develop Nigeria’s oil and gas infrastructure.
Eight MOAs were signed in Abuja by Chongqing Construction Engineering Group Company, Tianjin Energy Resources, Oilserv and Alpha Group of Companies to commence the investment projects.
The agreements, which are supported by project financiers’ Industrial and Commercial Bank of China (ICBC) and Standard Bank of South Africa, will set the stage for jointly developing, constructing and co-financing projects in the country.
The four companies will deliver formal proposals to the relevant authorities, undertake joint feasibility studies and participate in steering committees with major stakeholders including the Nigerian National Petroleum Corporation (NNPC), Nigerian Port Authority (NPA) and Federal Ministry of Transportation.
Chongqing Construction Engineering Group Company Chairman/Party Secretary General, Yang Jingpu, said: “CCEGC is proud to foster the long-term strategic relationship between Nigeria and China by participating in such high profile projects and bringing our proven experience, track record and financing capabilities to the partnership.
Tianjin Energy Resources Managing Girector, Peter Lin, said: “With strong financial and technical support from CCEGC, proven indigenous experience in constructing pipelines from Oilserv and development leadership from Alpha Group, Tianjin is proud to join forces in building Nigeria’s much needed infrastructure.”
Alpha Group of Companies chairman, Sheikh Mohamed Bayorh, added: “We are delighted to formally welcome CCEGC, Tianjin Energy and Oilserv in joining our growing list of strategic project partners for the Gas Revolution Industrial Park in Delta State as well as for our development projects and initiatives in Northern Nigeria for which we remain passionately committed to the regions’ socio-economic development and industrialisation.”
*We just hope this government doesn't see excuses to give to us come 2017, if they don't perform to our expectations...*
God bless Nigeria!
From News Telegraph.
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