Africa: big Chinese projects the next 5 years
China is one of the significant foreign powers helping Africa to empower. Currently, several Chinese projects run in this continent. These long-term investments significantly impact the African and Chinese economies in the upcoming years. Moreover, these investments are intended to usher in urbanization in Africa. So, what are the biggest Chinese projects to take place in the next 5 years? Well, check out this article to know more about it!
Mambilla Power Plant [Nigeria]
It took almost 35 years to begin the work for the Mambilla Power Plant of Nigeria. The Chinese consortium of Gezhouba Group signed the contract in 2007. However, the project will get completed by 2030. The Mambilla Hydropower Plant will produce 3050 MW of energy. It will be established on the Dongo river. Besides, the project will include 4 dams, 12 turbine generators, and 2 underground powerhouses. The construction has already begun in 2017 with a funding of USD 5.8 billion. 85% of the funds came from the Chinese Export-Import Bank. In comparison, 15% came from the Federal Government of Nigeria. After completion, the mega-dam will give power to 700 km transmission lines in Nigeria. Thus, it will double the total electricity production of Nigeria.
Caculo Cabaca Hydropower Project [Angola]
The Caculo Cabaca Hydropower Project in Angola comes to be one of the major good news for the country. Even here, China’s Gezhouba Group took up the project in 2017. This USD 4.5 billion projects will produce 2172 MW of energy. It is expected to meet at least 50% of the electricity demand in the country. Besides, this hydropower plant will get completed within 2024.
It will be built in the middle of the Cuanza River, the largest waterway in Angola. Also, during the construction of this hydropower project, it will create 10000 local jobs in the country.
New City [Egypt]
China is all set to build a New City in Egypt. Though it is not named yet, this project is going to be a massive one. China Fortune Land Development, a Shanghai-listed developer, has already made an investment of USD 4.5 billion for this venture’s first development phase. This project intends to create an upmarket residential district. It will include an industrial zone, a university, schools, and various recreational centers. It will appear as a new city in Egypt. Thus, this project tends to boost the economy of Africa and China impressively.
Cement factory [Zambia]
China has a great share in the projects taking place in Zambia. Chinese investors tend to fund the development of a large-scale cement plant in the country. So, Sinoconst, a reckoned Chinese machinery construction group, partners with Zambia’s Consolidated Copper Mines Investment Holdings. They aim to raise a funding of USD 548 million for the entire project. The cement factory will be constructed in Ndola. It will be completed in two phases. During the development of the project, it will create at least 1000 jobs. On completion, the factory will produce 5000 tons of cement daily.
Thus, the major Chinese projects in this continent not only enrich China’s global business but also help Africa to emerge as a developed country. So, these 4 big Chinese projects in Africa tend to leverage their political and economic growth in the upcoming years.