Sierra Leone engages China-Africa Development Fund on potential investment opportunities
Sierra Leone’s Ambassador to the People’s Republic of China has commenced talks with the China-Africa Development Fund (CADFund) to look at areas of possible investment in Sierra Leone, given the strong diplomatic and friendship relation that has been existing between the two countries for the last forty years. (Photo: Ambassador Multi Kamara and Hu Zhirong, Vice President of CAD Fund)
With representative offices in four African countries; South Africa, Ethiopia, Ghana and Zambia, CADFund was established in 2006 as the first equity investment fund in the country, primarily focusing on investment in Africa. It has an aim of enhancing China-Africa economic cooperation and promotes Africa’s development through direct investment.
Speaking during a meeting held with the Vice President for the China-Africa Development Fund, on Thursday, 31st May, Sierra Leone’s Ambassador to China, Abubakarr Multi-Kamara expressed his profound thanks and appreciation, on behalf of the Government and people of Sierra Leone to the Government and people of China for the support they have been giving to Sierra Leone.
Sierra Leone, he mentioned has had a long standing relationship with the People’s Republic of China “and this is being treasured by Sierra Leoneans.” The mutual interest now, according to the Ambassador, is to seek policy as well as practical measures aimed at deepening and ensuring strategic win-win partnership at various levels.
Ambassador Multi-Kamara informed the Vice President that prior to his arrival in Beijing, he had sought to understand the development cooperation landscape in China especially in terms of key institutions, optimal procedures and best practice, reaffirming that CADFund “has been a principal agency in Africa’s development efforts” He said, he would want to see “how the Sierra Leone Mission could engage on policy dialogue as well as on operational issues ” He also promised to use his expertise and exposure on development issues as an opportunity to engage effectively with the CADFund. Explaining the investment opportunities in Sierra Lone, he informed the Vice President that “Sierra Leone is a small country but one with huge potentials in agriculture, tourism…” and that at present the country has a leadership that has inspired everybody in the country. “My posting here is a deliberate action by His Excellency the President to restore the confidence between the two countries and to strengthen the cooperation between the two countries to a much higher level.”
Ambassador Multi-Kamara also informed the CADFund Vice President that he is a true believer in the Sino-Africa cooperation and hoped that his tenure will not only focus on strengthening the Sino-Sierra Leone relations, but seek to be actively involved in strengthening the Sino-Africa ties from the framework of ECOWAS Ambassadors in China.
In his response, the Vice President for the CADFund, Hu Zhirong congratulated the Ambassador in his posting to China. He stated that China and Sierra Leone have had strong friendship ties, spanning over a period of forty years and therefore encouraged the Ambassador to “ step up cooperation between the two countries and work closely with CADFund so as to make use of the huge potentials” in Sierra Leone.
Giving a background to CADFund, the Vice President explained, that it was established in 2006 as one of the eight measures announced by the Government of China in line with the objectives of the Forum on China-Africa Cooperation. He explained that they are an equity investment agency that is different from Chinese government’s direct aid to Africa. The agency, he went on has invested about 2.3 billion dollars in Africa with over 30 projects, including their investment in Real Estates in Sierra Leone. According to Hu Zhirong, the agency focuses its attention in infrastructural development as well as in the area of transportation, electricity, railway and manufacturing sector.
With long years of experience in investment in Africa, the Vice President explained, that CADFund has often focused its investment opportunities in industrialization and urbanization. In his words, “natural resources are the power of industrialization and CADFund has been giving a lot of incentives to countries to develop their infrastructures” He expressed hope, that Sierra Leone, is a developing country just like China will benefit from such opportunities. He called on the Ambassador to “work closely with CADFund to identify projects on the huge potentials in Sierra Leone.”
Ambassador Multi-Kamara with Zhigang Cheng of CAIF
In a related development, the Ambassador on Wednesday, 30th May also held discussions with Zhigang Cheng, Secretary-General for the China-Africa Industrial Cooperation and Development Forum (CAIF), on possible lines of cooperation, especially in areas of cooperation, especially within the development framework of Sierra Leone. Ambassador Multi-Kamara told the Zhigang Cheng of his desire to see the Embassy of Sierra Leone in China strengthening its relationship with CAIF, as both China and Sierra Leone have opportunities that could be used to strengthen people-to-people tie.
On his part Secretary-General Zhigang Cheng thanked the Ambassador and promised to work with the Embassy in all its development activities, as well as promising to “recommend groups that could show interest in working in Sierra Leone for more cooperation ties between the two countries”
He informed the Ambassador that they have a working relationship with over forty countries in Africa and are therefore happy to have expressed interest in working in Sierra Leone. As a result of their meeting with the Embassy, he informed the Ambassador that he has been able to acquire a lot of information about Sierra Leone “and this information, I will take out to potential investors”, he assured.
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