IFC Official claims Chinese investments inflate employment opportunities in Africa

The constant increase in investment in Africa from China is augmenting employment opportunities in Africa, an official from a member of the World Bank group said on January 22.

Manuel Moses, Kenya country manager at International Finance Corporation (IFC), which focused on the private sector in developing countries, told Xinhua in Nairobi that Chinese investors are playing a positive role in the manufacturing, construction and power sectors.

“The Chinese private sector is very dynamic because they don’t see the risk that other people see in Africa because they take a long view of Africa,” Moses said during the launch of the Seventh Edition of the Africa CEO Forum.

The event was jointly organized by Kenya Private Sector Alliance, IFC and the Rwanda Development Board. Moses said IFC is also keen to facilitate any group of foreign investors who see opportunities in Africa. He said that given the level of development of both China and Africa the two regions are natural partners who can complement each other. Moses noted that China is taking its rightful place in Africa by making investments that boost the continent's productive capacity.

IFC is currently working with Chinese firms across in the east African region. In Rwanda, IFC is partnering with Chinese firms to develop an affordable housing project for some 10,000 households. In Tanzania, the IFC is also building a hotel and building complex in the country's largest city Dar es Salaam. Moses urged Chinese firms to bring their advanced technology to Africa.