Monday, April 27, 2009

IMF: China, India, Brazil have roles to play as new donors to Africa

DAR ES SALAAM, March 10 (Xinhua)

China, India and Brazil on Tuesday were described as potential new donors to Africa and will have important roles to play in efforts to mitigate the impact of the global financial crisis on the continent.

Kofi Annan, former UN secretary-general and current president of the Global Humanitarian Forum, said that China, India and Brazil can be additional resources to the IMF for it to continue its assistance in Africa.

The former UN chief described other donor countries in Africa as traditional donors.

"China does have an important role to play," Annan said. "China can and is making investment in Africa."

Tanzanian President Jakaya Kikwete, who attended the opening plenary session of the two-day IMF conference for African finance ministers and central bank governors, said that China is a key development partner of Africa with its investments, markets and assistance.

IMF Managing Director Dominique Strauss-Kahn also agreed that China has a key role to play in Africa.

The IMF chief described China as the best in the face of the ongoing financial crisis by coming forward with a strong stimulus package.

Chen Yuan, governor of the China Development Bank, was invited to attend the Dar es Salaam conference that was co-hosted by the IMF and the government of Tanzania.

The China Development Bank is in charge of the China-Africa development fund set up in 2006.

The fund, started with 1 billion U.S. dollars, will have 50 billion dollars at its disposal in the development of China-Africa cooperation in various fields.