China’s project exports to African nations soar
May 09,2013
China :
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“Chinese companies are increasingly being encouraged to invest abroad and now it is not only the larger corporations such as Chinalco and ZTE, but also more and more middle sized companies,” comments Bo Drewsen, chairman of China Logistics Club - CLC Projects.
Africa is already a huge market for Chinese contractors especially in road, power plants, airports, railways and wind turbine plant constructions. By providing soft loans on favourable terms to African countries, China gets more easy access to the continent’s vast mineral wealth.
Infrastructure demands for Africa remain enormous, with Chinese contractors to the fore in tendering. For instance, the continent needs to spend over $52bn on 4,000 km of railways in order to exploit planned African iron ore projects, according to International Finance Corp (IFC). The IFC estimates that up to $13.6bn needs to be spent in Guinea alone to develop two railways and a port. South America is another growing market for Chinese businesses along with African countries.
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