China – Africa Investment and Cooperation Activity Map
for December 2019
1. November – Guinea: A Chinese-backed consortium, which included aluminum producer Shangdong Weiqiao and Yantai Port Group, agreed to a USD 14bn deal to build a 650km Standard Gauge Railway (SGR) and deep water port in Guinea. The deal was in exchange for mining rights to the Simandou iron ore deposit in Southern Guinea.
2. November – Ghana: An initial tranche of USD 649mn was released in November as part of a USD 2bn deal agreed upon at the 2018 FOCAC summit. The deal will see China construct roads and bridges in the West-African country in exchange for mining rights to the country’s bauxite ore found in the Upper Guinean Rainforest.
3. November – Nigeria: Africa-focused fintech startup, Opay, raised USD 120mn from investors in November. Located in Lagos, the Series B round sourced funding from Chinese investors such as Meituan-Dianping, Sequoia China, GaoRong, and Softbank Ventures Asia.
4. November – Uganda: A deal of USD 2.4mn was signed by Ugandan Minister of Agriculture, Vincent Ssempijja, and the UN Food and Agriculture Organization (FAO) – China South-South cooperation framework. Chinese agribusiness experts will engage with Ugandan farmers to share best practices to increase output in this sector.
This article is produced by The Beijing Axis and is published in The Econometer section of ChinAfrica magazine (January 2020), an English and French language monthly publication that provides news, views and analysis on all things China, Africa and China-Africa relations.