World Bank Supports
China On Investment In Africa
The
World Bank has said it will join efforts with China to invest in
the development of a manufacturing sector in Africa that could
boost industrialisation and create employment opportunities for
local people.
Robert Zoellick, President of the World Bank, praised China's
model of basic manufacturing at the end of the African Union
summit in Ethiopia.
Collaboration
The World Bank is already working with China in jointly funded
projects and may also collaborate with local governments to
build infrastructure, according to Zoellick.
Many sub-Saharan African countries depend on exports of raw
materials as a result of years of colonial rule. But the
development of a domestic factory sector could help transform
their economies and cut the cost of basic manufactured goods
that are imported presently.
Panos/ Qasim
