Wednesday, December 22, 2010

China Can Contribute to African Economic Growth, Says ADB Official

08:32, December 22, 2010

Interview: China can contribute to African economic growth: ADB official

China, whose direct investment in Africa has increased a lot in recent years, can contribute to the continent's economic growth, an official from the African Development Bank (ADB) told Xinhua on Tuesday.

"For China, Africa is a lever which can help expand its buoyant economic activity, however, the continent is also taking advantage of its strong partnership with China which in turn is likely to contribute to the continent's strong and sustained economic growth, " Director of Research and Development at the ADB Leonce Ndikumana said.

The ADB official said from 2000 to 2008, Africa was one of the world's fastest growing economies with an average growth rate of 5. 7 percent.

However, the growth was interrupted in 2009, Ndikumana said, citing that Botswana's GDP in 2009 experienced a 7.3 percent drop compared to 2008, and Angola's growth rate dropped from the 14 percent in 2008 to minus 0.6 percent in 2009.

The official noted countries that have relations with BRIC countries (Brazil, Russia, China and India), especially with China and India, recorded sustained growth during the crisis or could recover quickly.

More than 35 African countries have signed infrastructure financing agreements with China, the official added.

Talking about the African economy in 2010 and the next few years, Ndikumana said some African countries' plans have shown their efficiency.

However, given the fragility of the global economic recovery, African countries should further stimulate growth and attract more foreign direct investments, said Ndikumana.

Source: Xinhua

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