China's President Xi Jinping on Friday pledged $US60 billion in financing for development across Africa, aiming to reaffirm his country's commitment to the continent despite the economic turmoil caused by slowing growth of the world's second-largest economy.
Mr Xi told dozens of African leaders at a summit in Johannesburg the funds would be invested in 10 projects over three years. The Chinese leader didn't specify which of Africa's more than 50 countries would receive the aid.
The 2015 Africa Prosperity Conference Summary
Thank you to the 120+ delegates who attended this year's Africa Prosperity Conference. A selection of photos is now available to view Click Here.
At the 25th AU Summit in South Africa, political leaders including President Zuma of South Africa, President Muhammadu Buhari of Nigeria, AU Commission Chair Zuma, reaffirmed their commitment to the Continental free Trade Area, emphasizing its economic and globally strategic importance.
This 2015 Africa Prosperity Conference looking at increasing trade and investment in Africa and specifically promoting local content, brought over 120 stakeholders together to seek out new opportunities to grow business in the continent. The conference once again featured a combination of plenary sessions and sector-specific breakouts. More details are available on the agenda page Click Here.
In addition to South Africa, eight countries in the region have tapped the international capital markets, including first-time issuers Ghana, Gabon, Senegal, Namibia, Nigeria, Tanzania, Zambia and Rwanda.
International finance institutions have largely neglected to offer assistance to sub-Saharan nations on the markets but several are making their own way in an untapped emerging area.
Demand for power, roads, railways, internet and other infrastructure in Africa is set to soar in the coming years, providing investment opportunities and socio-economic benefits across the continent
With a sharp drop in commodity prices and a slowdown in China’s economy, global economists have been expressing increasing concern about Africa’s development prospects in the short and medium-term future. In sub-Saharan Africa, economic expansion has slowed significantly and is now forecast at 3.75% this year and 4.5% in 2016, compared to 5% in 2014, according to the International Monetary Fund (IMF). The IMF blames the economic headwinds not only on the aforementioned commodities rout, but also on the tightening of financial conditions globally, while crediting a “much improved business and macroeconomic environment” for helping to stabilize the economic environment across the continent.
Ethiopian and Egyptian metallurgical industry companies are looking for opportunities to work together, Ethiopian Herald reported.
According to Egyptian Ambassador Abou Bakr Hefny Mohamoud, Egypt’s export to Ethiopia in the first half of 2015 raised by 33 percent compared to the same period in 2014. Similarly, Ethiopia’s export to Egypt has increased by 15 percent compared to the same period in 2014.
Embassy Commercial Office Counselor Waleed El Zomor said metallurgical industry is one of the oldest companies in Egypt ever since the 1950s. There are some 14 companies in the metal sector.
Industry leaders and policy makers seek to tap global value chains
The sea change this year in global commodities markets has profound implications for Africa, a continent endowed with an abundance of natural resources and highly dependent on the export of raw materials. With many economists forecasting a difficult panorama ahead for petroleum and metals producers, they are also drawing on lessons from past commodity booms. Compared to other regions, Africa has failed to create long-lasting periods of economic progress and researchers have seen a strong correlation with market shifts. Half of the continent’s cycles of economic expansions have been linked to booming commodity prices, according to the IMF.
The Pan African Chamber of Commerce and Industry (PACCI) together with the Seychelles Chamber of Commerce and Industry (SCCI) hosted the 2015 African Prosperity Conference in Seychelles from November 10 to November 12, 2015.