China and Africa will strengthen financial cooperation, said
governor of the People's Bank of China Zhou Xiaochuan at a
ministerial round-table prior to the annual meeting of the African
Development Bank (ADB) Tuesday.
The financial sector is an important field for cooperation
between China and Africa, said ADB governor Donald Kaberuka.
A day earlier, China approved the establishment of the
China-Africa Development Fund, with funding of US$1 billion.
Funding will rise to US$3 billion in the second phase and then to
five billion dollars.
"Economic cooperation between Asia and Africa has a huge
potential and a bright future," Zhou said. "We will take a more
active part in building infrastructure in Africa and support the
development of the financial sector."
Saying Africa was a solid destination for investment and trade
and that Africa and Asia are highly complementary, Zhou proposed
four measures to promote financial cooperation between Asia and
Africa.
China will further exchange with African countries experience in
pushing forward financial reform and opening-up, improving the
environment for the financial industry and regulating financial
markets.
The nation will encourage domestic enterprises to increase
investment in Africa.
Chinese financial institutions will be encouraged to actively
explore business in Africa, take part in more infrastructure
construction projects on the continent and provide financial
services.
Meanwhile, African financial institutions are welcome to launch
branches and offices in China.
China will improve cooperation with multilateral financial
institutions, including the African Development Bank, the Eastern
and Southern African Trade and Development Bank and the West
African Development Bank, and support poverty relief and
development in Africa.
China is a key investor for African countries who are hungry for
foreign investment, said Charles Chikaura, chief executive officer
of the Zimbabwe infrastructure development bank.
Statistics show that China had invested US$11.7 billion in
Africa by the end of 2006, mainly in infrastructure
construction.
(Xinhua News Agency May 16, 2007)
