African bank sees more business with China

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.