Mozambique seeking boosted Chinese investment

29 June 2007

Beijing, China, 29 June – Mozambique believes it is set to benefit from a new investment fund announced this week by Beijing to support Chinese companies operating in Africa, a Maputo official has said.

Mozambique’s ambassador to China, Antonio Inacio Junior, told the Lusa news agency this week that “Mozambique and China can take mutual advantage from this investment fund.”

“The creation of this fund is in response to a lack of financing that Chinese firms are complaining about,” said the Mozambican diplomat.

On Tuesday, Beijing announced the creation of a US$ 1 billion fund to finance trade and investment by Chinese firms in Africa to reinforce China’s presence on the continent.

The China-Africa Development Fund will be financed by the state Development Bank of China, which says it could increase the fund to US$ 5 billion.

Mozambique’s Beijing embassy is staging a promotion in June in China’s Shenzhen Special Economic Zone, in the southern powerhouse province of Guangdong.

Total two-way exchanges between China and Mozambique in 2006 reached US$ 190 million, up US$ 168 million from the previous year. (macauhub)