China in Africa Part 2

by Developed Africa 27. May 2014 09:00

Following on from yesterday's post we take a look at a new approach from China.

Last week saw the announcement and confirmation of a multilateral agreement between China and the AfDB. 

China is poised to invest billions of dollars in Africa through a multilateral institution in Beijing's first ever departure from its "cheque book" policy of bilateral deals on the continent."

This "multilateral institution" is going to be called the Africa Growing Together Fund, and can be seen as a reaction to the criticism that China has been receiving, discussed in yesterday's blog, and is an effort to portray their work in Africa in a better light. The Chinese Premier Li Keqiang, has made a statement assuring Africans that China wants to work in conjunction with the continent, and that it does not seek to follow in the footsteps of past colonial powers.

This move follows the criticism discussed in Monday's post, accusing China of only thinking of itself when investing in the continent. However, this is one fund that is relatively small compared to the size of investment transactions still being pursued by China in Africa.

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