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TMCNet: ANC Looks to Cosy Up to China

[March 17, 2009]

ANC Looks to Cosy Up to China

Johannesburg, Mar 17, 2009 (Business Day/All Africa Global Media via COMTEX) -- AFRICAN National Congress treasurer-general Mathews Phosa says the partnership between China and SA will be stepped up after the election.

"After the election we will see an increase in co-operation between China and SA. The seeds have been sown," he said.

Phosa was speaking at the launch of a representative office of the China-Africa Development Fund in Johannesburg -- the first of its kind in Africa.

Established in 2007 by the China Development Bank, the fund stems from a pledge by Chinese President Hu Jintao at the China-Africa Co-operation summit in Beijing in 2006 to foster closer ties with the African continent.

It was set up with an initial capital injection of $1bn by the China Development Fund, but capitalisation will eventually reach $5bn, said Chen Yuan, chairman of the China Development Fund.



The Department of Trade and Industry yesterday also signed a record of understanding with the fund to establish a framework for co-operation.

Deputy Trade and Industry Minister Elizabeth Thabethe said the collaboration would earmark strategic sectors for investment, including mining, transport, energy, agriculture, manufacturing, infrastructure development, and the information and communication technology sector.

Phosa said the fund's pledges to invest in the continent at a time when the financial meltdown had seen investment and trade finance in emerging economies dry up, should be welcomed.

Since its inception, the fund has invested $400m in 20 projects in Africa, notably a cotton project in Malawi, a power plant in Ghana, a glass factory in Ethiopia and trade zones in Egypt and Nigeria.

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