African lender to learn from Asian ‘tigers’

DAKAR – Resource-hungry China will once again roll out the red carpet for decision-makers from Africa by hosting the annual meeting this week of the African Development Bank, which is keen to learn from Asia’s economic ‘tigers’.

Six months after wooing African leaders at a Beijing summit, China is hosting the AfDB’s May 16 to 17 board meeting in Shanghai which will be attended by economic ministers and central bank governors from the 53 African states and 24 non-African members. The bank’s first board meeting to be held in Asia comes at a time when China is leading a global scramble for oil and raw materials that is propelling growth on the world’s poorest continent.The Chinese offensive in Africa has been marked by high-profile visits and multi-million dollar investment deals.Charmed by Beijing’s “no strings” overtures, African leaders are looking to China and other economic powerhouses in Asia, whose growth has dwarfed Africa’s, for pointers on how to advance the development agenda and eradicate poverty.”These nations from Asia can help in the development of our countries, so there is a lot to learn from them in terms of experience …(so) one day Africa can become a giant itself,” Mozambican Central Bank governor Ernesto Gove told Reuters.After years of “bad news” from Africa of wars, coups and famine, IMF and World Bank officials are now urging its 53 states to seize the opportunity provided by booming demand for their oil and minerals and a rush of debt relief from the West.In a report ahead of the Shanghai meeting, the AfDB saw a “highly favourable” outlook for much of Africa, predicting an above-trend average GDP growth of 5,9 per cent this year and 5,7 per cent in 2008, compared with estimated 5,5 per cent last year.AfDB members will debate priorities for funding, such as education, telecommunications, roads and infrastructure projects, where Chinese companies have taken on a prominent role.Senior South African Treasury official Ismail Momoniat said careful planning of such projects was as important as funding and he recommended the AfDB become more involved in this.”It will probably require the AfDB to prioritise capacity building,” he said.Ivory Coast will bring a specific request to Shanghai.It wants the AfDB’s base of operations to return to Ivory Coast from Tunisia, where it was temporarily relocated in 2003 after civil war tore the West African country in two, shattering its image as an oasis of stability and prosperity in the region.Addressing AfDB administrators in Tunis earlier this month, Ivorian Prime Minister Guillaume Soro said a March 4 peace deal struck between President Laurent Gbagbo and rebel foes led by Soro himself was restoring peace to the war-divided country.”The AfDB left Ivory Coast because it was in crisis and at war …Now that the war is finished …The AfDB has to come back,” Soro told Reuters.But some doubts persist about whether the world’s top cocoa producer has really regained enough lasting stability yet to be home again to the continental lender.”I think they (the Ivorians) will be living on the moon if they think the headquarters will be going back to Ivory Coast given the current situation.I don’t think anyone will go there,” Bode Agusto, director-general of the Nigerian Finance Ministry’s Budget Office, told Reuters.Chinese Premier Wen Jiabao was expected to address the AfDB board meeting, which would be chaired by People’s Bank of China President Zhou Xiaochuan.Nampa-ReutersThe bank’s first board meeting to be held in Asia comes at a time when China is leading a global scramble for oil and raw materials that is propelling growth on the world’s poorest continent.The Chinese offensive in Africa has been marked by high-profile visits and multi-million dollar investment deals.Charmed by Beijing’s “no strings” overtures, African leaders are looking to China and other economic powerhouses in Asia, whose growth has dwarfed Africa’s, for pointers on how to advance the development agenda and eradicate poverty.”These nations from Asia can help in the development of our countries, so there is a lot to learn from them in terms of experience …(so) one day Africa can become a giant itself,” Mozambican Central Bank governor Ernesto Gove told Reuters.After years of “bad news” from Africa of wars, coups and famine, IMF and World Bank officials are now urging its 53 states to seize the opportunity provided by booming demand for their oil and minerals and a rush of debt relief from the West.In a report ahead of the Shanghai meeting, the AfDB saw a “highly favourable” outlook for much of Africa, predicting an above-trend average GDP growth of 5,9 per cent this year and 5,7 per cent in 2008, compared with estimated 5,5 per cent last year.AfDB members will debate priorities for funding, such as education, telecommunications, roads and infrastructure projects, where Chinese companies have taken on a prominent role.Senior South African Treasury official Ismail Momoniat said careful planning of such projects was as important as funding and he recommended the AfDB become more involved in this.”It will probably require the AfDB to prioritise capacity building,” he said.Ivory Coast will bring a specific request to Shanghai.It wants the AfDB’s base of operations to return to Ivory Coast from Tunisia, where it was temporarily relocated in 2003 after civil war tore the West African country in two, shattering its image as an oasis of stability and prosperity in the region.Addressing AfDB administrators in Tunis earlier this month, Ivorian Prime Minister Guillaume Soro said a March 4 peace deal struck between President Laurent Gbagbo and rebel foes led by Soro himself was restoring peace to the war-divided country.”The AfDB left Ivory Coast because it was in crisis and at war …Now that the war is finished …The AfDB has to come back,” Soro told Reuters.But some doubts persist about whether the world’s top cocoa producer has really regained enough lasting stability yet to be home again to the continental lender.”I think they (the Ivorians) will be living on the moon if they think the headquarters will be going back to Ivory Coast given the current situation.I don’t think anyone will go there,” Bode Agusto, director-general of the Nigerian Finance Ministry’s Budget Office, told Reuters.Chinese Premier Wen Jiabao was expected to address the AfDB board meeting, which would be chaired by People’s Bank of China President Zhou Xiaochuan.Nampa-Reuters