Business News Tue, 18 Sep 2007

China commits five billion dollars towards investment drive in Africa

Accra, Sept. 18, GNA- China has committed five billion cedis towards the establishment of China- Africa Development fund, to encourage Chinese entrepreneurs to establish joint ventures with their African counterparts.

China Red Cross Society is also entrusting 30,000 to the Disaster Relief Fund set up by the Government for the upkeep of people who have been hit by floods in the Northern, Upper East and Upper West regions. Newly posted Chinese Ambassador, Mr Yu Wenzhe disclosed this to Vice President Alhaji Aliu Mahama, during a meeting at the Osu Castle. Mr Yu said the cheque for the disaster fund would be handed over to the Ghana Red Cross Society and expressed the hope that the money would offer some hope to the victims.

He said the Governor of the China Export Exim Bank would visit Ghana soon to sign an unspecified loan agreement with the Ministry of Finance and Economic planning to boost the execution of the Bui Hydro- Electric Project in the Brong Ahafo Region.

Mr Yu commended Ghana for the warm relations it has extended to China, especially its tacit support for the One China Policy. This was in apparent reference to the claim by China that Taiwan is an integral part of the country, which had led to a political standoff for a number of years now.

" It is an honour and privilege to be an Ambassador to Ghana," he noted and cited the hospitality and friendship of Ghanaians towards Chinese as example.

Vice President Mahama said bilateral relations had soared since 1960 and described China as a true and sympathetic partner that had supported Ghana's socio-economic development. He appealed to China to support Ghana's drive to add value to its agricultural products such as the processing of citrus for export as well as large-scale cultivation of soya beans and cashew. Vice President Mahama extended Ghana's support for the One China Policy, adding: " I hope the President (John Agyekum Kufuor) had given you that assurance."

Source: GNA