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Feb. 2 (Bloomberg) -- The World Bank may seek to “co- invest” with China in African manufacturing projects, helping poor nations to add value to exports and create jobs, President Robert Zoellick said.
China can bring expertise in building infrastructure and lessons from its own recent push to become a manufacturing hub, Zoellick said in a video conference from Ethiopia’s capital, Addis Ababa, today.
“We welcome China’s investment in sub-Saharan Africa,” he said. “We think it has the potential to build infrastructure and create additional jobs, perhaps also create some new investment possibilities in the manufacturing sector.”
In Ethiopia, two Chinese companies are developing an industrial zone, Zoellick said. The World Bank and other donors could help construct roads and simplify custom procedures to support such a project, he said, exemplifying how the Washington-based lender may work together with China.
“This is an interesting opportunity,” he said.
The World Bank has been meeting with Chinese officials to help align their environmental, social and labor practices with international standards, both at home and in operations abroad, the World Bank country director in Kenya, Johannes Zutt, told reporters today in the capital, Nairobi.
Africa’s infrastructure needs are “enormous” and will require an estimated $93 billion a year over the next decade, up from about $43 billion now, he said. “There’s a lot of room for development partners to invest,” he said.
The World Bank, through its private investment arm the International Finance Corp., plans to start a $500 million equity fund for Africa, Latin American and Caribbean companies from next month, Zoellick said today.
The lender has also created a $200 million investment fund for “systemically important” banks in Africa, he said.
Original Link:
World Bank May Co-Invest With China in Africa (Update1) - Bloomberg.com
China can bring expertise in building infrastructure and lessons from its own recent push to become a manufacturing hub, Zoellick said in a video conference from Ethiopia’s capital, Addis Ababa, today.
“We welcome China’s investment in sub-Saharan Africa,” he said. “We think it has the potential to build infrastructure and create additional jobs, perhaps also create some new investment possibilities in the manufacturing sector.”
In Ethiopia, two Chinese companies are developing an industrial zone, Zoellick said. The World Bank and other donors could help construct roads and simplify custom procedures to support such a project, he said, exemplifying how the Washington-based lender may work together with China.
“This is an interesting opportunity,” he said.
The World Bank has been meeting with Chinese officials to help align their environmental, social and labor practices with international standards, both at home and in operations abroad, the World Bank country director in Kenya, Johannes Zutt, told reporters today in the capital, Nairobi.
Africa’s infrastructure needs are “enormous” and will require an estimated $93 billion a year over the next decade, up from about $43 billion now, he said. “There’s a lot of room for development partners to invest,” he said.
The World Bank, through its private investment arm the International Finance Corp., plans to start a $500 million equity fund for Africa, Latin American and Caribbean companies from next month, Zoellick said today.
The lender has also created a $200 million investment fund for “systemically important” banks in Africa, he said.
Original Link:
World Bank May Co-Invest With China in Africa (Update1) - Bloomberg.com
