20.2 C
Sierra Leone
Saturday, February 24, 2024

China will not relent in developing Africa’s infrastructure – Amb. Zhao Yanbo

HomeAYV NewsChina will not relent in developing Africa’s infrastructure – Amb. Zhao Yanbo

China will not relent in developing Africa’s infrastructure – Amb. Zhao Yanbo

Date:

Related stories

Advocacy Policy released to combat Gender Disparities in Education

In an attempt to expedite the recruitment of female...

Tourism Minister launches ‘Go Circular Week’

Sierra Leone's Minister of Tourism and Cultural Affairs, Mrs....

ACC engages 34 Military Hospital on corruption risks

"It is important to identify corruption risks and issues...

SALWACO engages key stakeholders in Port Loko

A cross section of the SALWACO Management in Port...

President Bio hosts ECOWAS Investment Bank Chief

His Excellency President Dr. Julius Maada Bio has received...

Quoting Mark Smith who is the Head of Infrastructure & Capital Projects in Deloitte, East Africa, he said the fourth edition of the Deloitte Africa Construction Trends Report highlighted that the total value of mega projects on the continent stood at $357 billion in 2015, a 15 percent increase from 2014. Of these projects, Southern Africa contributed the biggest share with 109 projects worth $140 billion, followed by West Africa with 79 projects valued at $116 billion.
Rapid urbanization and influx of an expanding middle class continues to drive the need for infrastructural reform, expansion and upgrading, Smith said.
Amb. Zhao said the report also stated that with the participation in 145 of the 301 projects in Africa, DFIs (development finance institutions) are the largest financiers representing 48 percent of total projects and 34 percent of continent-wide financing.
“Governments are the second highest providers of funding, followed by the amalgamation of the participation of all singular countries’ financing and then by China on a stand-alone basis,” reads the report.
The report stated that governments continue to own the projects by 71 percent (214) projects followed by private domestic owners with 38 projects and Africa DFIs with 9 projects (3 percent).
In construction, the amalgamation of all the singular countries building participation represented the highest involvement at 28 percent, followed slightly by government at 27 percent. “China is present in 14 percent of all the projects on a standalone basis.
China’s investment in East Africa continued to lead other foreign countries save for International Development Finance Institutions (DFIs). Kenya and Ethiopia are/will be the biggest recipients in the region.
Ambassador Zhao Yanbo said so long as he is in Sierra Leone he will fight for the country to get more support from China as there are areas that more support is needed to help boost the economic growth and improve human capacity.
“Sierra Leone has a passionate leader who is bent on developing infrastructure and that is good for the country in the future as it will increase trade, strengthen the economy and make the entire country accessible to all. A country can’t develop without good roads and basic health system, which has been the focus of the President.”
He admonished all Sierra Leoneans to support the government and put hard work first if Sierra Leone is to be successful.

 

 

Latest stories

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once