On Wednesday, May 16th, The African Development Bank (ADB), founded in 1964 and with 77 members from Africa, America, Europe, and Asia, opened its annual board meetings in Shanghai, a move widely seen as bolstering China-Africa cooperation.

The two-day gathering, attended by finance ministers and central bank governors from more than 50 countries, is the bank's first meeting in Asia, and the second time outside Africa.

With the theme of "African and Asia: Partners in Development", the two-day meetings will focus on infrastructure development in Africa, regional integrity and poverty relief.

Around 2,000 people attended the opening ceremony, including Rwandan President Paul Kagame, President of Cape Verde Pedro Pires, and President of Madagascar Marc Ravalomanana.

In his address to the opening ceremony, Chinese Premier Wen Jiabao said the current annual meetings would surely boost the ADB's growth, strengthen its role and increase its influence. Wen also urged to explore new ways of cooperation and upgrade current cooperation to bring about mutual benefit.

In order to fulfill its promise to help African countries achieve more rapid and healthy economic and social development, China will do the following in the near future:

1. Make a 10 billion yuan worth of African debt relief in addition to the previous 10.9 billion yuan (US$1.42 billion).
2. Sign debt relief agreements with 33 African countries by the end of 2007 to honor the pledges it made at the Beijing Summit of the China-Africa Cooperation Forum.
3. Double free aid and interest-free loans to African countries to help with social, cultural and public welfare projects over the next three years.
4. Provided preferential loans worth $3 billion to help African countries develop infrastructure, purchase technological equipment and establish production enterprises.
5. Strengthen its cooperation with African countries in human resources, agriculture, medical care, social development and education over the next three years.
6. Build General or special hospitals with 100 to 150 beds for countries that have poor medical facilities and anti-malarial medicines will be provided to 33 countries.
7. Help African countries build a total of 100 primary schools before 2009, each of which will be able to accommodate 300 pupils. And
8. Encourages Chinese companies, both private and State-owned, to work in Africa on contracted projects in such industries as house construction, petrochemicals, electric power, transportation and telecommunications.

Economic Exchange and Trade

In 2006, turnover of Chinese enterprises amounted to $9.5 billion in these projects, which helped raise local employment, according to the Ministry of Commerce (MOFCOM).

China-Africa trade volume of last year totaled $55.5 billion, a year-on-year growth of more than 30 percent for the fifth consecutive year.

Exports to Africa increased 43 percent to $26.7 billion, while imports increased by 37 percent to $28.8 billion.

By the end of 2006, China had invested more than $6.6 billion in Africa. The investment was concentrated in the agricultural, telecommunications, energy and processing sectors.

China's direct investment in 49 African countries reached $6.64 billion last year. (Source: Xinhua News)