Africa speaks
East Africa counts share of $60b Chinese fund
East African governments have returned from China counting their share of the $60 billion to fund Africa’s mega-infrastructure projects.
Rwanda, represented at the Forum on China–Africa Cooperation (Focac) by President Paul Kagame, signed a memorandum of understanding with the China-Africa Development Fund (CAD) to accelerate joint ventures between Rwandan and Chinese investors.
The value of the agreement under this deal is still unknown but the Development Fund’s basket is worth $10 billion aimed at facilitating foreign direct investments from China to Africa.
According to Emmanuel Hategeka, chief operating officer of the Rwanda Development Board (RDB), the fund will “accelerate matching opportunities between Rwanda and Chinese investors. The $10 billion China-Africa Development Fund is a huge opportunity to facilitate foreign direct investment flows to Africa.”
Mr Hategeka also termed China a “true friend indeed” for extending interest free loans to landlocked African countries like Rwanda.
Rwanda hosted an investment and tourism roadshow at the summit where Chinese investors were presented with business opportunities and incentives currently available in Rwanda.
Other agreements included one with the Chinese Academy of Tropical Agricultural and Sciences, signed by Patrick Karangwa, the director general of the Rwanda Agriculture Board, through which Rwanda will benefit from Chinese science and technology innovations.
President Paul Kagame endorsed Chinese aid and investments in Africa as “deeply transformational” and respectful of the continent’s global position.
During President Xi Jinping’s visit to Rwanda in July, the two leaders signed 15 agreements worth millions of dollars on trade, infrastructure, investment, e-commerce, human resource, culture, science and technology, aviation, mining, law enforcement and visa exemption for diplomatic and service passport holders.
Both countries have a friendly political relationship, maintaining close ties between their ruling parties, the Rwanda Patriotic Front of Rwanda and the Communist Party of China.
China pledged to give Tanzania $39,295,000, which will go towards security co-operation, industrialisation, mining and agriculture.
Prime Minister Kassim Majaliwa, who represented President John Magufuli at the meeting, said he would convene ministerial meeting of ministers whose portfolios would benefit from the assistance to discuss how to share out the funds.
The Xinhua news agency quoted President Xi as saying his country is willing to deepen the friendly win-win co-operation in various fields with Tanzania to better benefit the two nation.
President Xi said China supports Tanzania’s efforts to safeguard its rights and interests, developing the economy and improving people’s livelihoods, and is willing to strengthen sharing of experience in inter-party exchanges, governance, development and poverty reduction.
President Xi also said the two countries should implement key projects, strengthen people-to-people exchanges, and maintain close communication and co-ordination on major international issues.
China is one of Tanzania’s key supporters in its industrialisation plan that is geared towards technology transfer in agro-processing industries, courtesy to China Africa Co-operation.
On its part, Uganda travelled to China hoping to advance discussions on funding for the standard gauge railway but returned without a deal.
Well-placed sources on the delegation tell The East African the Chinese were apparently not keen on the matter which is still firmly under the control of the lender, the China Import and Export Bank.
State House says the delegation led by President Museveni was able to ink an MoU between China National Offshore Oil Company CNOOC and the Uganda National Oil Company for exploration of a new block for oil in Uganda’s Albertine Graben.
China also offered two credit lines one for 200 million yuan (Ush103 billion) and the other for 70 million yuan (Ush38 billion). Kampala was also to benefit from the $60 billion China has offered under the Belt and Silk Road initiative.
In a sign that the Chinese loans were becoming a thorny issue, Kenya was on record asking Beijing to consider providing part grant financing for its second phase Naivasha-Kisumu standard gauge railway, with the rest as a loan.
“The Naivasha-Kisumu phase of the SGR will cost $3.8 billion. And owing to its regional significance, I would request that 50 per cent of its cost be provided as part of grant financing,” President Uhuru Kenyatta is said to have told President Xi during a meeting at the sidelines of the Focac.
Nairobi also got its way after China agreed to a public-private partnership investment for the 30km expressway from Jomo Kenyatta International Airport to Westlands suburb in Nairobi.
Source: East African
Unstoppable Africa 2023 has concluded, leaving a profound mark on the African continent. The two-day Global Africa Business Initiative (GABI) event aims to boost Africa’s standing in the global economy and establish the continent as the foremost destination for business, trade, and investment. This transformative gathering on the sidelines of the UN General Assembly has not only chartered the course for economic growth but has also solidified GABI’s pivotal role as a catalyst for change and progress.
On the second day of the event, Caroline Wanga, CEO of Essence Ventures, emphasized the importance of authentically portraying African narratives. She highlighted that the continent’s rich heritage has traditionally been expressed through its unique storytelling methods. Wanga stated, “In discussing Africa, it’s vital to engage in genuine dialogue. We’ve celebrated our heritage through our distinct method of storytelling, which the world is longing for now more than ever. As the overseer of Essence Ventures and other platforms, I am committed to ensuring our tales are told from a position of strength and authenticity.”
The final day of the Unstoppable Africa 2023 featured a chorus of leading private sector voices. Notably, leaders from the business and media world such as Jeff Wong, EY Global Chief Innovation Officer; Niraj Varia, CEO of iProcure Ventures; Lakeshia Ford, Founder of Ford Communications; Claudia Kwarteng–Lumor, Founder of Kollage Media, producers of GLITZ AFRICA Magazine and Somachi Chris-Asoluka, CEO of The Tony Elumelu Foundation (TEF).
Complementing these luminaries were esteemed figures from government and international organizations, including President Masisi, H.E. Felix Tshisekedi, President of the Democratic Republic of Congo, Adebayo Olawale Edun, Minister of Finance and the Coordinating Minister of the Economy for Nigeria, Joy Basu, Deputy Assistant Secretary, Bureau of African Affairs at the US Department of State.
Unstoppable Africa Conference: Dr. Akinwuni Adesina and H.E. William Ruto (Image: Supplied)
Leaders from global business, investment, government, sports, and the arts gathered in New York on Thursday, 21st September to mark the commencement of “Unstoppable Africa”. The event by the Global Africa Business Initiative (GABI) seeks to elevate Africa’s prominence in the global economy and position the continent as the premier destination for business, trade, and investment.
The two-day event is co-convened by the United Nations Deputy Secretary General, Amina J. Mohamed and the Chairperson of the African Union H.E. Moussa Faki Mahamat on the sidelines of the United Nations General Assembly in New York. GABI, coordinated by the UN Global Compact, serves as a pivotal forum for Heads of State and Government, CEOs, investors, policymakers, industry experts, and U.N. leaders to discuss and strategize the way forward for Africa’s dynamic business landscape. “Unstoppable Africa” is a powerful affirmation of GABI’s unwavering commitment to redefining Africa’s economic narrative.
On day one, the flagship event attracted an impressive array of speakers and participants, including the Presidents of Ghana, H.E. Nana Addo Dankwa Akufo-Addo, Kenya, H.E. William Samoe Ruto, Senegal, H.E Macky Sall Poland H.E Andrzej Duda and H.E Mia Mottley, Prime Minister of Barbados. In addition to government ministers, “Unstoppable Africa” welcomed a who’s who of renowned business titans such as Mo Ibrahim, the Sudanese-British businessman and philanthropist, Phumzile Langeni, Deputy Chairman of Imperial Logistics; Non-Executive Director of DP World Group, James Manyika, Senior Vice-President of Research, Technology and Society at Google-Alphabet, and Brad Smith, President of Microsoft among others. Senegalese artist Baaba Maal set the tone for the event with a captivating performance calling for peace and prosperity in Africa while actor Arsema Thomas engaged in an insightful interview conducted by the event’s host Folly Bah Thibault from Al Jazeera English.
UN Secretary-General António Guterres opened the two-day forum making a compelling call for the “delivery of justice” – a theme central to the continent’s sustainable development. The UN Secretary-General stated that “justice means reforming outdated, unfair and dysfunctional global financial systems and ensuring African representation at every multilateral table”.
H.E. Mia Mottley, Prime Minister of Barbados emphasized the difference between ambition and meaningful action, in the context of Africa. Recognizing the emerging unity and collaborative efforts across the continent, she highlighted the imperative for accelerated progress in Africa. Her message underscored the urgency for nations to move from plans to concrete actions that catalyze transformative change on the continent.
During a major event announcement, Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), announced a transformative partnership with Google, creating a Centre of Excellence for coding in Africa.
Other announcements on the day included The Democratic Republic of Congo’s (DRC) commitment to positioning the country high-up in the batteries and electric vehicles value chains, unveiling a new 1,000-hectare space in Kolwezi, with special economic zone status. DRC’s Minister of Industry, H.E. Julien Paluku, appealed to global investors to join these initiatives in addressing climate change while advancing economic growth. the launch of Ghana’s Energy Blue Zone Initiative, heralding a major stride in the country’s energy transition and investment plans.
The “Unstoppable Africa” event promises to continue its momentum into the second day, where further thought-provoking discussions, innovative solutions, and collaborative endeavors are set to shape Africa’s role in the global economy. Leaders from various sectors, including business, government, and civil society, will come together to exchange ideas, forge partnerships, and chart a course toward a more prosperous and sustainable future for Africa and the world.
Ayomide Idogun is the co-founder at the New African Movement, an initiative aimed at ensuring Africa is conducive for Africans. Ayomide is a development strategist, policy analyst, and military historian with a major flair for transformative change through strategic thought, leadership, and empowerment.
Recently, he had the opportunity to be a delegate at the Arab Youth International Model United Nations Conference, now known as the Best Diplomats Conference, held in Dubai. Beyond the piquancy that came with meeting over 150 people from about 80 countries, and the experience of learning different cultures, the delegates were largely charged with proffering solutions to solving the global food crisis. Ayomide represented the great people of Guatemala, who sadly are no strangers to this phenomenon, with 4.6 million people at the least, facing the hunger crisis, and suffering hugely from food insecurity.
This led him to come up with prospective solutions, to ensure farmer empowerment, and the mitigation of factors hindering food supply minimized to the barest minimum, so as to ensure Guatemala does not just become self-sustaining, but grows to the point of exporting food produce to other Nations. His efforts did not go unrewarded as he bagged the Outstanding Diplomat Award, in recognition of his outstanding negotiation, leadership, and overall performance during the course of the conference.
He is a trainer and speaker with core area in leadership, capacity building and development. Some of his engagements amongst others, includes, training members of the African community in the United Arab Emirates, on capacity building and maximizing potentials, to ensure their time and resources are utilized to maximal effect. And at the maiden edition of DisruptHR Lagos, organized by OutsideinHR, where he spoke on the role COVID-19 played on priorities for humanity, and the ever-changing landscape of work.
Ayomide Idogun holds a degree in Policy and Strategic Studies from Covenant University, a second degree in History and Strategic Studies from the University of Lagos, and he is currently enrolled in the School of Politics, Policy and Governance, where he is undergoing the Public Leadership and Policy Programme.
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