SHANGHAI: Chinese investment in Africa is expected to reach $2 billion this year, Donald Kaberuka, president of the African Development Bank (ADB), said in Shanghai over the weekend.

Over the past six years, the volume of trade between China and Africa has quintupled, he said while meeting reporters prior to the 2007 Annual Meetings of the Board of Governors of the African Development Bank Group, which is being held in Shanghai from May 16 to 17.

Figures released by Chinese authorities showed that Chinese investment in Africa hit $11.7 billion by the end of last year.

The trade volume between the two sides was $55.5 billion during the period, representing an annual growth rate of more than 30 percent for the past five years.

"Something was happening in Africa over the past six years, which was not happening for 30 years," Kaberuka said. "Economic growth picked up in an incredible way, and we are appealing to African partners to come not just for oil and gas, but for other opportunities."

According to ADB estimates, economic activity in Africa rose nearly 5.5 percent last year and is expected to grow by 5.9 percent this year and 5.7 percent in 2008. Oil-exporting countries are outpacing others by a substantial margin.

The ADB serves as a key link between China and Africa, and plays an important role in driving their relationship, the president said.

Asked about expectations for the board of governors meetings, Kaberuka said the ADB members needed to examine ways for the bank to play a bigger role in promoting both the private and public sectors in Africa.

"China is the fastest growing country with the largest market in the world, and we have come to learn how this happens," he said.

"We have also come to consolidate the links between China and Africa following the China-Africa summit (in Beijing)," he said, noting that he was looking forward to constructive discussions on all subjects of common interest with the participants, apart from trade and investment.

A record 2,500 guests will attend this year's meetings, the ADB said on Saturday.

The number of the attendees has far exceeded any previous gathering, said ADB spokesperson Chawki Chahed.

This is the second time the ADB has held its annual meetings outside Africa and its first time in Asia.

"Although the ADB serves as a regional organization, it needs to step out of Africa," said Jaques Loehr, a senior official with BNP Paribas, a large French bank.

Holding its meeting in China gives the ADB an opportunity to exert more influence, Loehr said.

This conference will deepen the friendship between Africa and China and spur the two sides to cooperate more, Chahed said.

Xinhua

(China Daily 05/14/2007 page2)