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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
KAMPALA, Sept. 1 (Xinhua) — Ugandan President Yoweri Museveni on Monday said investment from China is helping boost Africa's growth, particularly in sectors such as infrastructure and industry.
Speaking at the opening of a two-day Financing for Development Summit in the capital, Kampala, Mr Museveni said both public and private Chinese capital was playing a vital role in implementing transport and energy projects, which he said were key to unlocking the continent's development potential.
Participants at the summit, titled “Transforming Africa through National Development Finance Architecture,” noted the important role of private investors from China in establishing industrial parks across Africa. The Ugandan president said such parks not only help reduce import costs but also create thousands of jobs for youth.
“Unlike Western lenders, the Chinese are taking advantage of Africa’s opportunities and investing in what promises good returns,” Museveni stressed, calling on Western financiers to follow China’s example and provide affordable loans to African countries instead of leaving them at the mercy of private lenders charging exorbitant interest rates.
China has financed the construction of two large hydroelectric power plants in Uganda – the 600 MW Karuma hydroelectric power plant and the 180 MW Isimba hydroelectric power plant.
The summit, which brings together government officials, heads of national development banks and multilateral financial institutions, aims to rethink strategies for financing sustainable growth in African countries. Discussions will focus on addressing debt burdens, mobilizing resources and exploring opportunities in agriculture, technology and services. –0–
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