16 June 2009

Africa no 1 target for CCCC as $4 bn projects mount up

The chinese offensive in the african continent is on a continuos rising and with the actual state of the world economic tumoil and the prolonged post colonial enslavement to the western world;African countries are more than opening up to this "profitable?"uprising.This picture shows a railway bridge in Nigeria built by the China Civil Engineering Construction Corporation.

Africa has now become well-established as the single most important overseas market for the China Communications Construction Company (CCCC), China's largest infrastructure development business. In 2008, almost half of the company's $9.6 billion overseas revenue came from projects in Africa.

As of May this year, CCCC had secured 28 projects with a number of African nations, each worth more than $100 million apiece. With two of the deals - one in Angola and one in Libya - worth an estimated $1 billion each, it is small wonder that this is the third year that Africa has topped the list of CCCC's overseas markets.

Speaking of the company's success in Africa, Wang Xiaoguang, general manager of CCCC's overseas business department, says: "CCCC's business in Africa has grown by around 33 percent per annum in recent years. Fortunately, the plans already in place for infrastructure development in many African countries have remained unaffected by the current global financial downturn with much of the funding already in place through Chinese governmental loans."

As part of its commitment to developing its African business base, CCCC is currently drawing up plans to train 30,000 local staff into skilled workers to work on a number of construction projects, primarily in Angola and Libya.

At the beginning of the year, CCCC won a contract from the Libyan government to deliver 5,000 apartment homes. The total value of the project, including foundation construction, is said to be in the region of $1.05 billion.

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