China is responsible for about 80% of infrastructure funding in Africa, making the Asian powerhouse the continent’s top investor.
UK-based publication Financial Times (FT), citing an analysis by law firm Baker & McKenzie and the Economist Corporate Network, says China’s pledge to Africa is $1 trillion in the coming decade. If the pledge materialises, it will dwarf all investment flows – public and private – currently provided globally.
FT quoted Gary Senior, chair of Baker & McKenzie, as saying: “Put bluntly, Africa cannot fulfil its economic potential without more and better infrastructure, particularly in the power, transport, and water and sanitation sectors.”
China also surpassed the United States as Africa’s largest trading partner in 2009, according to online publication Africa Renewal.
