In a continuation of his investment drive, Governor Ben Ayade of Cross
\nRiver state yesterday signed a partnership agreement with his counterpart
\nin Shaanxi Province in China, Hu Heping, to bolster the injection of
\ncapital by Chinese business men into the Calabar Carnival, the Power and
\nSolid Minerals sectors in Cross River state.<\/p>\n
Shaanxi, is a province of the People’s Republic of China. Officially part
\nof the Northwest China region, and lies in central China.<\/p>\n
It covers an area of over 205,000 km2 (79,151 sq miles) with about 37
\nmillion people.<\/p>\n
The China-Africa Development Fund, CAD Fund, in May 2016, signed a
\ncooperation agreement with Shaanxi government in the capital Xi’an, the
\nfirst of its kind with a provincial-level partner that aims to boost more
\ninvestment in the African market.<\/p>\n
Hu Heping, governor of Shaanxi province, at the occasion said the
\nagreement had great significance for companies in Shaanxi, pointing the
\nway for them to go abroad and accelerate their steps into Africa.<\/p>\n
According to the agreement, the two sides will establish Shaanxi Africa
\nIndustry Development Fund, which will help local companies in financing,
\nproject selection and loans for their businesses in Africa.<\/p>\n
“As a province with traditional heavy industry, including energy
\ndevelopment and manufacturing, Shaanxi has a good number of companies
\nwhich have an advantage in mining, oil exploration and large-scale
\nequipment manufacturing. All those sectors are needed in Africa,” Hu said
\nat the occasion.<\/p>\n
He added that the China Development Bank, together with CAD Fund which has
\nnine years of experience in Africa-related investment, will help companies
\nin Shaanxi gain more information and financial aid in their business
\nexpansion in Africa.<\/p>\n
Chi Jianxin, chairman of the fund, said there were unprecedented
\nopportunities in China-Africa cooperation at present and the thing that
\nAfrica needed the most was capital.<\/p>\n
The bank allocated $3.2 billion in the CAD Fund for more than 80 projects,
\nfrom infrastructure to agriculture to energy resources in 35 African
\ncountries including Nigeria.<\/p>\n
By the end of 2016, the bank hit its target of pooling $5 billion to go
\ninto the fund, aiming at further diversifying financial vehicles that
\nfacilitate Chinese investment in Africa.<\/p>\n
Governor Ayade said after the signing of the agreement that “It is the
\nenormous opportunities that this fund avails Africa that Cross River state
\nwants to tap into. We have the assurances of the governor and the people
\nof Shaanxi that the favorable business climate in Cross River state will
\nbe utilized by Shaanxi .<\/p>\n
Photo caption: Cross River State governor, Professor Ben Ayade and Mr Hu
\nHeping, governor of Shaanxi Province of China displaying a copy of an MOU
\nfor cooperation between their states<\/p>\n","protected":false},"excerpt":{"rendered":"
In a continuation of his investment drive, Governor Ben Ayade of Cross River state yesterday signed a partnership agreement with his counterpart in Shaanxi Province in China, Hu Heping, to…<\/p>\n","protected":false},"author":1,"featured_media":51098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-57981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n