China Dev. Bank to invest more in African farming

by Dave


The China Development Bank plans further African farming investments as the continent tries to raise output to curb food inflation and shortages, Governor Chen Yuan told African finance ministers and bankers on Friday.

An oil and commodities boom has brought Africa billions of dollars of investment from China and elsewhere in recent years, but has also contributed to soaring food prices which threaten to make life harder for hundreds of millions of poor Africans.

“China Development Bank is anxious to work in the area of agriculture. Given the current scenario of a great shortage of food and food price hikes I believe African countries should put agricultural development as their top priority,” he said.