China's new focus on agriculture in Africa

  1. Posted on Tuesday 5 August 2008 - 08:22
    Sam Banda Junior
    Image of Sam Banda Junior
    Sam Banda Junior, AfricaNews reporter in Blantyre, Malawi, photo: Joke Martens
    As more and more countries are coming to Africa to invest and benefit on its rich mineral resources, China is already working in African countries to invest more in agriculture. Farming is one of the key things Africa depends on to generate its income however this sector has faced problems due to changes in climate and lack of resources.
    Senegal_Joke_Martens-Mensen1
    China’s Governor Chen Yuan told African finance ministers and bankers Friday that China Development Bank plans further African farming investments as the continent tries to raise output to curb food inflation and shortages.

    Chen said China Development Bank was eager to work in the area of agriculture adding that with the current food shortage and rise in food prices, agriculture was one of the top priorities.

    "China Development Bank is willing to share its experience and provide financing to agricultural development in Africa," he said.

    A Reuters report Monday said oil and commodities boom has brought Africa billions of dollars of investment from China and elsewhere in recent years, but has also contributed to soaring food prices which threaten to make life harder for hundreds of millions of poor Africans.

    The report further quoted the governor addressing the International Monetary Fund(MF) and World Bank Africa Caucus in Mauritania as saying African countries should grow cereals as well as cash crops such as rubber and pine, and upgrade their processing capacity to make value added agricultural projects.

    According to the report, the bank has already granted loans in million dollars to agricultural processing companies, mostly in East Africa.

    Malawi and Mozambique among other countries in Southern Africa are benefiting from China’s works.

    The Warm Heart of Africa, Malawi made friendship with China end last year and China is currently funding several projects including the construction of the Karonga-Chitipa road in the northern region which is set to open up markets.

    According to Chen, China’s trade to Africa has improved in recent years, reaching about US$ 73 billion last year.

    Other countries which have taken a huge impact to invest more in Africa include Turkey, Japan, India and USA.

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