China Investment Corp. Willing to Invest More in Africa's Infrastructure
Friday, 11 May 2012
China Investment Corp., the nation's sovereign wealth fund, is willing to increase investment in Africa, especially in infrastructure, as the fund is seeking long-term returns in the rising economy, the company head has said.
"Africa's economy is gathering speed, and the growth rate will probably exceed that of China in the future," CIC's president Gao Xiqing told Xinhua during the ongoing World Economic Forum on Africa held in Addis Ababa, Ethiopia's capital, from Wednesday to Friday.
Gao said the growing political stability and population in Africa have laid good foundation for the fast economic development of this continent. CIC could find many opportunities in Africa, he said, adding infrastructure would be a good option for long-term investment for economic returns.
"We are willing to cooperate with Africa in this area," he said.
For some small-scale projects, CIC is cooperating with China- Africa Development Fund to make investment in Africa.
He called on African nations to open up for foreign investment to boost their economy.
Africa is rising as a promising land for investors because of its continuous fast economic growth as the U.S. and Europe is grappling for recovery from the fallout of the global financial crisis.
Gao also said CIC is still looking for opportunities in Europe, but maybe not the bond part. "We never bought too much to begin with," he said.