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This drone photo taken on June 28, 2023 shows the central business district of Egypt’s new administrative capital under construction in eastern Cairo, Egypt. (Photo/Xinhua)
African countries have shown strong demand for infrastructure construction in recent years, with financing demands increasingly tilted towards green and low-carbon projects for sustainable development, providing opportunities for builders and investors, the industry says. the group said.
Since 2020, some African countries have successively introduced a series of measures to improve infrastructure, according to the China International Contractors Association.
“These countries have launched a series of transportation and housing construction projects while facing major funding shortages,” the association’s president, Fan Qiucheng, said at a conference in Beijing on Monday. Ta.
Africa faces a significant funding gap for infrastructure development.
The African Development Bank Group estimates that Africa’s annual investment demand for infrastructure construction is expected to reach $170 billion by 2025, with an investment gap ranging from $68 billion to $108 billion.
According to the Ministry of Commerce, Africa is China’s second-largest overseas contract engineering market, and China-Africa cooperation in infrastructure construction has made great progress.
Over the past decade, Chinese companies have signed more than $700 billion in contracts and achieved sales of more than $400 billion in Africa. According to data from China’s Ministry of Commerce, Chinese companies have completed many groundbreaking small-scale projects in sectors such as transportation, energy, power, housing, and civil life.
Rahmutullah M. Othman Elnur, Permanent Representative of the African Union to China, said Africa’s infrastructure needs are important and projects implemented by China will help promote the continent’s social, economic and sustainable development. He said there was.
Light rail train arriving at Key Station in Lagos, Nigeria, March 2, 2024 (Photo/Xinhua)
Meanwhile, the World Wide Fund for Nature in China said the funding environment in Africa is not optimistic due to the impact of the coronavirus pandemic, global uncertainties such as the Russia-Ukraine conflict and climate change.
“Africa has a rich but fragile biodiversity and the continent is deeply affected by climate change. It should become a major trend,” said Zhoufei. Chief Program Officer of WWF China.
PowerChina International Group, a division of PowerChina, said Chinese companies should raise overseas green investment and financing to a strategic level and develop green investment and financing strategies tailored to local conditions.
According to the Export-Import Bank of China, a policy bank, the global economy faces problems such as downward pressure, inflation and debt overhang, and infrastructure development on the continent is key to Africa’s rise and modernization.
“We are confident in Africa’s development. Our main focus includes helping build sustainable projects in Africa to foster sustainable economic growth. ” said Gao Ning, deputy manager of the Export-Import Banking Department. Bank of China.
