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China – Africa Investment and Cooperation Activity Map for October 2018
Wednesday, 28 November 2018 09:18

1. Algeria – September: Algeria will work alongside China in building a USD 6 bn phosphate plant in northeast Algeria. The project aims to utilize the high quality phosphate resources that are abundant in the country. Algerian companies, Sonatrach and Semidal-Manal, will collaborate with Chinese companies, CITIC and Wengfu-Group, in the construction of the plant.

2. Morocco – September: Morocco's BMCE Bank of Africa has signed a partnership agreement with China-Africa Business Council. The purpose of the agreement is to support and facilitate the task of Chinese investors in Morocco as well as throughout the continent. The Moroccan bank has been involved in projects with Chinese institutions such as the USD 1 bn Industrial Park in Northern Morocco, and the tallest skyscraper in Africa, in the capital Rabat.

3. Egypt – September: China and Egypt have signed two deals for developing Egypt’s electrical sector. The first comprises the construction of a power plant in Hamrawein region, the largest of its kind in the Middle East. It will be built by China's Shanghai Electric and Dongfang Electric Cooperation and Egypt's Hassan Allam Construction, with investments worth USD 4.4 bn. The other deal involves a 600-meter-high pumping and storage station to be built in the Suez Canal Mountain of Ataka. Built by Chinese Sinohydro, it is expected to cost USD 2.6 bn and have a production capacity of 2,400 megawatt.

4. Kenya – September: The Aviation Industry Corporation of China unveiled their USD 400 mn property in Nairobi in September. This is currently the most expensive investment into the real estate sector in Africa from China thus far. This property, the Global Trade Center, comprises of 6 towers; 4 residential block, an office building, and a JW Marriot-Hotel.

5. Angola – September: China opened a USD 11 bn credit facility for Angola through an agreement that was signed by President João Lourenço during his official visit in China. The facility is intended to finance 78 development projects, of which the majority are in the infrastructure sector

6. South Africa – September: Africa's largest sourcing fairs, China Homelife and China Machinex 2018, were held in South Africa, and attracted over 600 Chinese firms seeking South African and African business partners. The exhibitions further the objectives of FOCAC to increase Sino-African trade.

This article is produced by The Beijing Axis and is published in The Econometer section of ChinAfrica magazine (November 2018), an English and French language monthly publication that provides news, views and analysis on all things China, Africa and China-Africa relations.