Infrastructure Development: China To Invest 10, 946 Billion FCFA In Guinea Conakry

President Alpha Condé reached the 20-year swap agreement during last week’s visit to China.

Prof. Alpha Condé, President of Guinea Conakry and Chair of the African Union, AU, over the weekend, concluded a week-long visit to China during which he represented the continent at the Brazil, Russia, India, China, South Africa, BRICS economic bloc summit in Xiamen from September 3-5, 2017.

He also took part in the China-Arab States Expo in Yinchuan, capital of Ningxia Hui Ethnic Autonomous Region that held from September 6-9, 2017. On both occasions, President Condé discussed China-Africa cooperation and Chinese investments in his country. In an interview with Cameroon Tribune in Yinchuan on September 7, 2017, the Guinean leader talked about the strategic investment swap deal his country struck with China.

“During the BRICS summit in Xiamen, we held discussions with the Chinese government on investing in our country and China-Africa cooperation in general. My country signed a strategic agreement with China under which they will invest 20 billion US dollars (10,946 billion FCFA) over 20 years in infrastructure, energy, etc. In return, we agreed to supply China with raw material, using royalties from mining as surety for repaying the debt,” he explained.

On benefits Africa drew from the Xiamen BRICS summit, the President said it was important first to evaluate how much has changed since the African Union summit last year in Kigali, Rwanda. “Currently, most of the funding of the African Union Commission comes from external sources like the European Union. It was agreed that each c...