amwalalghad :: China Strengthens Africa Ties With $20 Billion In Loans

Your English Portal To Arab Economy

Orascom Development Holding (A   3.86        ARAB POLVARA SPINNING & WEAVIN   2.99        United Housing & Development   9.21        Orascom Telecom Holding (OT)   4.68        Orascom Construction Industrie   236.54        Alexandria Mineral Oils Compan   67.62        Heliopolis Housing   22.36        Palm Hills Development Company   2.33        Six of October Development & I   21        Egyptian Financial Group-Herme   9.35        Suez Canal Bank   4.8        Commercial International Bank    35.07        General Company For Land Recla   28.23        National Real Estate Bank for    17.92        Ezz Steel   10.01        Citadel Capital - Common Share   3.42        Egypt for Poultry   2.08        Pioneers Holding   4.05        Asek Company for Mining - Asco   9.56        Remco for Touristic Villages C   2.23        El Kahera Housing   6.23        Modern Company For Water Proof   1.68        Telecom Egypt   13.61        El Shams Housing & Urbanizatio   3.34        National Societe Generale Bank   27.95        Rowad Tourism (Al Rowad)   7.61        Prime Holding   1.3        Universal For Paper and Packag   6.99        Egyptian Iron & Steel   10.63        National Development Bank   8.28        Naeem Holding   0.23        Egyptian Real Estate Group   11.22        Arab Ceramics (Aracemco)   24.09        Gulf Canadian Real Estate Inve   28.02        Upper Egypt Contracting   1.07        Misr Beni Suef Cement   45.31        T M G Holding   4.19        Egyptian Kuwaiti Holding   1.04        El Ezz Porcelain (Gemma)   2.9        Nozha International Hospital   32.8        Arab Cotton Ginning   3.61        Middle & West Delta Flour Mill   32.42        Rakta Paper Manufacturing   7.09        Extracted Oils   0.8        Sharkia National Food   5.1        El Arabia for Investment & Dev   0.46        Egyptian Chemical Industries (   10.62        South Valley Cement   4.17        Egyptian for Tourism Resorts   0.94        Giza General Contracting   17.86        Canal Shipping Agencies   12.28        National company for maize pro   15.05        Cairo Poultry   9.71        Acrow Misr   21.95        Delta Construction & Rebuildin   5.79        Bisco Misr   38.96        Egyptians Abroad for Investmen   4.35        Egyptians Housing Development    2.92        Samad Misr -EGYFERT   5.3        Sinai Cement   18.94        Egyptian Transport (EGYTRANS)   10.4        Alexandria Cement   12.04        Misr Chemical Industries   6.73        Mena Touristic & Real Estate I   1.72        El Nasr Transformers (El Maco)   7.45        Suez Bags   152        Raya Holding For Technology An   5.3        Egyptian Financial & Industria   9.34        Egyptian for Developing Buildi   10.37        Egyptian Media Production City   3.13        Cairo Oils & Soap   16.46        Medinet Nasr Housing   24.39        Faisal Islamic Bank of Egypt -   42.19        GMC GROUP FOR INDUSTRIAL COMME   2.02        United Arab Shipping   0.64        North Cairo Mills   16.54        Arab Real Estate Investment (A   0.47        Ismailia Misr Poultry   3.9        Misr Duty Free Shops   3.41        Credit Agricole Egypt   11.05        El Nasr Clothes & Textiles (Ka   0.65        ELSWEDY CABLES   19.82        Sidi Kerir Petrochemicals   13.17        Arab Gathering Investment   24.98        El Kahera El Watania Investmen   6.92        Maridive & oil services   1.04        Egyptian Company for Mobile Se   128.21        Mansourah Poultry   15.84        El Nasr For Manufacturing Agri   14.06        Pyramisa Hotels   16.92        Arab Aluminum   28.28        Egyptian Electrical Cables   0.68        Assiut Islamic Trading   5.69        Egyptian Saudi Finance Bank   13.1        Union National Bank - Egypt "    4.78        El Ahli Investment and Develop   7.34        Kafr El Zayat Pesticides   26.94        Oriental Weavers   22        Engineering Industries (ICON)   4.81        International Agricultural Pro   2.95        Ceramic & Porcelain   4.02        Faisal Islamic Bank of Egypt -   7.05        Egypt Aluminum   15.95        Cairo Pharmaceuticals   20.05        Egyptian Gulf Bank   1.38        Ismailia National Food Industr   8.32        Egyptian Starch & Glucose   7.98        Misr Oils & Soap   11.51        Export Development Bank of Egy   6.04        Alexandria Spinning & Weaving    1.06        Alexandria Pharmaceuticals   46.89        Zahraa Maadi Investment & Deve   51.8        Gharbia Islamic Housing Develo   13.41        Arab Valves Company   1.51        Suez Cement   23.34        Delta Insurance   6.04        National Cement   11.62        Al Arafa Investment And Consul   0.2        Delta Sugar   12.28        Housing & Development Bank   14.72        General Silos & Storage   15.21        Egyptian International Tourism   36.01        Lecico Egypt   7.79        Northern Upper Egypt Developme   7.82        Alexandria Containers and good   91.12        EL Ezz Aldekhela Steel - Alexa   468.87        Cairo Development and Investme   16.21        Development & Engineering Cons   9.57        Glaxo Smith Kline   9.71        Sharm Dreams Co. for Tourism I   7.29        Torah Cement   26.5        Upper Egypt Flour Mills   50        Abou Kir Fertilizers   136.45        Eastern Tobacco   100        Egyptian International Pharmac   42.99        East Delta Flour Mills   32.26        Egyptian Arabian (cmar) Securi   0.47        Cairo Educational Services   19.8        Middle Egypt Flour Mills   7.2        Minapharm Pharmaceuticals   27        The Holding Company for Financ   0.46        Industrial & Engineering Proje   6.81        Souhag National Food Industrie   11.9        Arab Pharmaceuticals   14.01        Egyptian Satellites (NileSat)   6.44        El Arabia for Land Reclamation   19.4        GB AUTO   27.24        Egyptian Real Estate Group Bea   23.25        Arab Gulf Investment   0.2        Sues Canal Company For Technol   12.41        Misr Cement (Qena)   67.19        Paper Middle East (Simo)   7.4        Al Moasher for Programming and   1.08        Barbary Investment Group ( BIG   1.12        Modern Shorouk Printing & Pack   8.73        

China Strengthens Africa Ties With $20 Billion In Loans


Published Thursday, 19 July 2012 09:49 | Written by Amwal Al Ghad

Chinese President Hu Jintao on Thursday offered $20 billion in loans to African countries over the next three years, boosting a relationship that has been criticized by the West and given Beijing growing access to the resource-rich continent.

The loans offered were double the amount China pledged for the previous three-year period in 2009 and is the latest in a string of aid and credit provided to Africa's many poverty-stricken nations.

The pledge is likely to boost China's good relations with Africa, a supplier of oil and raw materials like copper and uranium to the world's most populous country and second-largest economy.

But the loans could add to discomfort in the West, which criticizes China for overlooking human rights abuses in its business dealings with Africa, especially in Beijing's desire to feed its booming resource-hungry economy.

Hu brushed off such concerns in his speech at the Great Hall of the People, attended by leaders including South African President Jacob Zuma and Equatorial Guinea's Teodoro Obiang Nguema, a man widely condemned by rights groups as one of the world's most corrupt leaders.

"China wholeheartedly and sincerely supports African countries to choose their own development path, and will wholeheartedly and sincerely support them to raise their development ability," Hu said.

China will "continue to steadfastly stand together with the African people, and will forever be a good friend, a good partner and a good brother", he added at the summit held every three years since 2000.

Hu also pledged to "continue to expand aid to Africa, so that the benefits of development can be realized by the African people". He did not provide an amount.

Hu said the new loans would support infrastructure, agriculture, manufacturing and development of small and medium-sized businesses in Africa.

"CHEQUE BOOK" APPROACH

Critics say China supports African governments with dubious human rights records as a means to get access to resources.

The EU has rejected what they call China's "cheque book" approach to doing business with Africa, saying it would continue to demand good governance and the transparent use of funds from its trading partners.

Such criticism draws rebukes from China that the West still views Africa as though it were a colony. Many African countries say they appreciate China's no-strings approach to aid.

"Africa's past economic experience with Europe dictates a need to be cautious when entering into partnerships with other countries," Zuma told the forum.

"We are particularly pleased that in our relationship with China we are equals and that agreements entered into are for mutual gain," Zuma added.

"We certainly are convinced that China's intention is different to that of Europe, which to date continues to intend to influence African countries for their sole benefit."

China's friendship with Africa dates back to the 1950s, when Beijing backed liberation movements in the continent fighting to throw off Western colonial rule.

GROWING TRADE LINKS

Chinese state-owned firms in Africa also face criticism for using imported labor to build government-financed projects like roads and hospitals, while pumping out raw resources and processing them in China, leaving little for local economies.

"Certainly quite a number of us are thinking we need to move into more value addition," South African's Trade and Industry Minister Rob Davies told Reuters.

"We need to export mineral products in a more processed form ... We need to bite this bullet very seriously."

Trade has jumped in the past decade, driven by Chinese hunger for resources to power its economic boom and African demand for cheap Chinese products.

China's trade with Africa reached $166.3 billion in 2011, according to Chinese statistics. In the past decade, African exports to China rose to $93.2 billion from $5.6 billion.

Industrial and Commercial Bank of China 601398.SS, for example, the world's most valuable lender, has invested more than $7 billion in various projects across the continent.

Reuters