Angola, Ethiopia, and Kenya owe 47% of African debt stock towards China - Ecofin Agency. These are Africa's biggest borrowers from China in the last 10 years - Page 11 of 11. China-Africa Inter-Bank Association Established. Untitled. Marubeni, First Japanese Company to Obtain Casablanca Finance City Status. Casablanca- Japanese integrated trading and investment business conglomerate Marubeni obtained the Casablanca Finance City (CFC) status for their new Casablanca office, according to La Tribune Afrique.
China's AIIB Approves 13 New Member Countries. By Dezan Shira & Associates The Asian Infrastructure Investment Bank (AIIB) has approved applications from 13 new countries to join.
They are Afghanistan, Armenia, Belgium, Canada, Ethiopia, Fiji, Hong Kong, Hungary, Ireland, Peru, Sudan, Timor Leste, and Venezuela. These members will officially join the bank once they complete their required domestic processes and deposit their first capital. The shares allocated to them come from an existing pool of un-allocated shares. Africa: China Disburses $30bn to Africa. By Elita Chikwati China has disbursed nearly $30 billion to assist African countries in different projects as it pledged to be the most reliable partner in speeding agriculture modernisation and industrial development.
The major developing nation in 2015 announced $60 billion funding support for Africa at the Sixth Summit of the Forum on China-Africa Cooperation that was held in Johannesburg, South Africa in December 2015. Addressing journalists at a Press conference on Chinese foreign policy and foreign relations at the ongoing Fifth Session of the 12th National People's Congress here yesterday, Chinese Foreign Minister, Mr Wang Yi, said his country would continue to strengthen its relations with Africa and support the continent, even under harsh economic or world situations.
AIIB to add 25 new member countries in 2017. Ireland, Canada, Ethiopia and Sudan are reportedly among around 25 countries from across the world that are expected to join the Asian Infrastructure Investment Bank (AIIB) this year.
China established the AIIB to finance energy, transport and other infrastructure projects in Asia, and the bank started operations a year ago with 57 member countries and US$100 billion in capital. The Beijing-based bank is expected to add a wave of new members at its second annual meeting in June. “We have applications from a number of Europeans who didn’t join in the first wave, some Asian countries, South Americans and Canada has applied to join,” Sir Danny Alexander, vice-president of the AIIB, told the Financial Times (paywall) on Tuesday. “So this year the membership will expand quite substantially.” Several US allies, including the United Kingdom, Australia and South Korea, rushed to join the AIIB in the first wave despite Washington’s initial opposition. How Jack Ma’s Acquisition Of US-Based MoneyGram Could Be Good For Africans. Photo: thecommonwealth.org China’s richest man, Jack Ma, and his acquisition of U.S.
-based money transfer firm MoneyGram show the importance of remittances as a powerful driver of economic change at both the individual and international level, according to the competition. Ma’s Ant Financial acquired MoneyGram for $880 million on Jan. 26, 2017. Silk Road International Bank set in Djibouti. By Gu Yang With the acceleration of Chinese enterprises' "Going out", the financial industry is becoming the powerful support to boost Belt and Road construction.
Recently, under the guidance of the Belt and Road construction frame, the first commercial bank set abroad by our country- Silk Road International Bank was announced to be set up in Djibouti on the west bank of Gulf of Aden and this was the first time for China-invested enterprises to obtain the banking license on the African continent. Why Djibouti Djibouti is a strange country for most people, but in the eyes of Luo Feng, the Vice Chairman of Silk Road International Bank Board of Directors and the President of IZP Group, this magical land in the east Africa is a hot land that is full of hope-it is at the vital communication hub of Europe, Asia and Africa and is located at the throat where the Red Sea flowing into the Indian Ocean.
Africa: Chinese Fund Invests U.S.$4 Bilion in Africa. Guangzhou — The China Africa Development Fund (CAD Fund), an equity investment fund managed by China Development Bank, had invested 4 billion U.S. dollars in Africa as of the end of November, authorities said Wednesday.
Since its establishment in 2007, the fund has invested in 88 projects in 37 African countries. The projects cover areas including infrastructure, processing and manufacturing, and energy and mineral resources, said Wang Yong, vice president of the fund, at a business partnership event attended by Chinese and African companies in Guangzhou. In addition to investment directly from the CAD Fund, the projects have attracted a further 17 billion U.S. dollars in the form of enterprise investment and bank loans to Africa, according to Wang. China-backed AIIB to fund projects in Africa in ‘near future’ The Asian Infrastructure Investment Bank (AIIB) is reportedly expecting to fund projects in Africa in the near future, a move that would mark the first time for the Beijing-based bank to extend its business beyond Asia.
AIIB President Jin Liqun, who was attending the 50th anniversary of the United Nations Industrial Development Organisation (UNIDO) in Vienna on Monday, said that the bank could co-operate with other lenders to help African countries to meet their development needs. "We expect that in near future we could carry out our business in Africa, and could cooperate with the World Bank, the African Development Bank and UNIDO," Jin told Xinhua. The AIIB chief said that his bank shares the same inclusive and sustainable development mandate with UNIDO and could cooperate with it to support the industrial development in Africa in the future. “The letter ‘A’ in AIIB can stand for Asia, Africa or America. Exploring the China-Africa Development Fund. Algeria to Accelerate Process of Settling Transactions With China's Yuan. China forms firm to fund Africa projects - Daily Nation.
By OTIATO GUGUYUMore by this Author China has formed an infrastructure firm with an initial Sh50 billion ($500 million) investment to help fund projects in Africa.
The China Overseas Infrastructure Development and Investment Corporation Limited (COIDIC) will invest and manage projects from concept to feasibility studies. It will also follow up on financial close and take part in commercial operations. Afreximbank closes $300 million China Exim-backed loan - African export-import bank. Banking prepared to offer services in renminbi in Portuguese-speaking Africa. The internationalisation of China’s currency, the renminbi, in cross-border trade in which Macau will serve as a clearing platform, has been anticipated by Portuguese and Chinese banks, offering a range of services in Chinese currency to companies in the Portuguese-speaking countries.
The use of Macau as a platform along with Shanghai’s financial centre, to encourage cooperation between China and Portuguese-speaking countries was the subject of a conference organised by the state-owned Portuguese bank Caixa Geral de Depósitos (CGD), which on 5 September in Lisbon brought together the financial authorities of the two Chinese regions, as well as financial and legal sector executives. In Macau, where it issues the pataca, the BNU has 220,000 customers, about a third of the population and in 2015 its revenue more than doubled compared to 2012. In November 2015, the IMF officially approved the inclusion of the RMB in its currency basket, with a weight of 10.92%, after the dollar and euro. China creates company with $500m initial capital for infrastructure in Africa.
The story of China in Africa is not over yet. China is not letting on her hold of Africa. The country has just announced an infrastructure development fund for the continent. The Chinese government announced at the second Invest in Africa Forum a $500 million initial capitalization, with the creation of the China Overseas Infrastructure Development and Investment Corporation Limited (COIDIC). According to a press release copied to ghanabusinessnews.com, the COIDIC is a for-profit company that invests in and manages projects from concept to feasibility studies, financial close and commercial operations. Chinese finance institutions immerse into Egypt’s economy, pump dollars into market. China is the largest international partner to Egypt, representing 10% of the Egyptian commercial market.
The trade exchange between Egypt and China amounted to $13bn in 2015, an increase of 11% compared to 2014 and the highest value reached between the two countries, according to Egyptian Trade Plenipotentiary Minister and Head of the Economic and Trade Office at the Egyptian embassy in China, Ayman Ali Osman. Osman said the balance of trade is still in China’s favour due to the superiority of Chinese exports to Egypt, which amounted to $12bn in 2015, compared to $10.5bn in 2014. The most significant Chinese exports to Egypt are mobile phones, cloth, mixtures of steel, and garments. Egyptian exports to China are concentrated in a limited number of tariff items, such as marble, granite, lubricants, citrus fruits, cotton, steel ore, and oil exports (petroleum oils). Osman said that the total Chinese investments in Egypt amounted to EGP 6bn in 2015.
China Africa Digital Migration Financing. China-Africa financial cooperation. Comment Pékin est devenu le banquier de l'Afrique. Inédit : un accord sur la conversion et la libre circulation du yuan et du franc CFA en Afrique centrale et en Chine - Cameroun Liberty. 05-07-2016 (18h00) Le Chef de l’Etat congolais Denis Sassou Nguesso est arrivé à Pékin ce 4 juillet 2016 pour une mission d’Etat de quatre jours, il va tour à tour visiter les villes de Suzhou , Shanghai et Pékin. Une série d’accords hautement stratégiques sera signée entre les deux états, les accords devant engager le Congo et la sous-région Afrique centrale.
Apres la rencontre ce Mardi avec le président chinois Xi Jinping, ce sera au tour du président de l’assemblée nationale populaire, Zhang Dejiang, ensuite le premier ministre chinois Li Keqiang, le maire de la ville de Shanghai ainsi que des visites d’institutions financières. First branch of a Chinese banking group opens in Central Africa. Targeting Africa: Chinese Bitcoin Mining Giant Invests In Trading Platform. HaoBTC Bitcoin Mine. Photo: Eric Mu Beijing-based bitcoin mining giant Bitmain has invested $1.6 million in Shenzen-based BitKan, a bitcoin data and trading services provider, with a view to expanding over-the-counter bitcoin trading in non-mature bitcoin markets including in Africa and the U.S., BitcoinMagazine reported. Bitmain is an integrated circuit design company specializing in research, development, and sales for mining chips and miners.
The company manufactures Bitcoin mining hardware and also operates Antpool, the world’s largest Bitcoin mining pool with 28 percent of the network’s hashrate. BitKan is a bitcoin-focused data and trading services provider. “It is a very attractive business that will provide a platform for people all over the world to trade bitcoin, especially to those living in non-mature bitcoin markets such Africa, South America, and India,” said Sharif Allayarov, sales and marketing manager for Bitmain, in an BitcoinMagazine interview. China offers Nigeria $6b loan to fund projects. Nigerian President Muhammadu Buhari (L) and Chinese President Xi Jinping shake hands during a signing ceremony at the Great Hall of the People in Beijing on April 12, 2016.
Muhammadu Buhari is on a visit to China from April 11 to 15. / AFP PHOTO / POOL / KENZABURO FUKUHARA. Bank of China débarque au Maroc (VIDÉO) China's $60 bln Africa pledge not threatened by slowdown: ambassador. Use of Chinese Renminbi Booms in South Africa - MoneyBeat. Bank of China to Open Branch in Casablanca Finance City. L'Algérie adopte le règlement par renminbi de ses transactions avec la Chine.
La Banque d'Algérie a instruit les banques intermédiaires pour commencer à compter du mois en cours à utiliser le renminbi (ou yuan, monnaie chinoise) comme monnaie de règlement des importations venant de Chine. "La Chine étant devenue le premier partenaire commercial de l'Algérie, il est entendu que les règlements des importations en provenance de ce pays ne sauraient être réglées dans une autre monnaie que celle de ce pays. D'autant plus que cette formule élimine tout premium pour la couverture du risque de change dans le cas de règlement dans une autre monnaie", a indiqué la Banque d'Algérie dans une note datée du 18 novembre et adressée aux présidents et directeurs des banques commerciales.
Pour rendre ladite note effective, la Banque d'Algérie demande aux banques intermédiaires agréées de se préparer à ce changement. Africa: China-Africa Trade Approaches 300 Billion Dollars in 2015. Beijing — China's trade with African states has grown about ten times in the last decade, with the total value likely to hit 300 billion U.S. dollars this year, according to the Fourth China-Africa Industrial Forum (CAIF), which opened Monday in Beijing. Africa Is Another Victim Of China's Capital Outflows. Sinosure to underwrite $100m Zim loan facility. Mines and Mining Development Minister Walter Chidhakwa says Chinese company Xuzhou Construction Machinery Group (XCMG) is seeking insurer, SinoSure to underwrite the $100 million loan facility for small-scale miners before disbursements to Zimbabwe.
Minister Chidhakwa said in an interview that XCMG told him that it has received informal commitment from the State funded insurance company and is now awaiting formalisation of the commitment. Gold mining is strategic to the growth of the domestic economy in light of the fact that together with platinum, the sector account for over half of the country’s foreign exchange earnings generated from mining. “It is our hope that this is done early so that early 2016 we start disbursing the equipment,” he said. Agricultural Bank of China expands in Congo: MFW4A - Making Finance Work for Africa. Agricultural Bank of China et un consortium congolais inaugurent la Banque Sino-Congolaise pour l’Afrique - Cameroun Liberty. Un nouvel établissement bancaire vient de voir le jour en République du Congo. Il s’agit de la Banque Sino-Congolaise pour l’Afrique (BSCA), qui a été inaugurée tout récemment, selon un communiqué publié le 12 octobre par Sopra Banking Software, un groupe spécialisé dans le domaine des logiciels qui a construit le système d’information du nouvel établissement.
African govts urged to utilise China’s SME fund - Graphic Online. An Assistant Professor at the School of Economy and Business Management Science of the Zhejiang Normal University, Professor Xiaofeng Zhang, has tasked African entrepreneurs to take advantage of the Fund for African Small and Medium Scale Enterprise set up by the Chinese government to grow their businesses. He said even though the fund was set up by China as a loan facility with a seed money of $ 2 billion, only 0.3 per cent of the total amount has so far been accessed.Speaking on the topic: "World Economy and Economic Development in Asia-Pacific and Africa", Professor Zhang advised African entrepreneurs to make good use of the fund. Trade He said the volume of foreign trade between China and the African continent resulted in 30 per cent growth between 2000 and 2009. Between 2014 and 2015, Professor Zhang said, the volume of trade between the two had increased rapidly to more than $100 billion.
These four African currencies are in danger of sinking as China’s devaluation stings. What does yuan's devaluation mean for Africa? China plans to open banks in Angola. China and Angola sign agreement for mutual acceptance of national currencies. China Development Bank octroie un financement de 26,2 milliards FCfa à Afriland First Bank - Investir au Cameroun: l'actualités quotidienne sectorielle de l'économie camerounaise - telecom agro mines gestion publique. Avec l'AIIB, la Chine défie les États-Unis et la Banque mondiale. Afrique-Chine : Attijariwafa bank et Bank Of China, une alliance pour promouvoir le Renminbi. Central banks of China and Mozambique sign agreement. China injects $2 bln into new Africa fund. China-Africa Fund Finds Investing in African Projects Difficult, CEO Says. Africa: new frontier for the renminbi.