Belt, Road Initiative Key to Africa's Prosperity
(MENAFN) In a recent interview with Xinhua, Erastus Mwencha, a former deputy chairperson of the African Union (AU) Commission, emphasized the critical role of China's Belt and Road Initiative (BRI) in enhancing peace and inclusive prosperity in Africa. Mwencha highlighted that BRI projects are directly tied to Africa's quest for integration, enhanced cross-border trade, energy security, technology transfer, and green transition.
Mwencha, a Kenyan national, stressed that BRI projects will help Africa tackle the infrastructure funding gap and promote local manufacturing and cross-border trade. He observed that the BRI has already seen the development of a number of key projects in Africa, particularly in infrastructure, such as rail and road. Under the BRI, China-Africa cooperation in energy, agriculture, cultural exchanges, and capacity development for the continent's youth has also flourished.
According to Mwencha, the digital economy, financial services, and industrial sectors in Africa will also benefit from the implementation of BRI projects, positioning the continent as the next frontier for growth and foreign direct investments. He noted that signature BRI projects such as the 480-km Mombasa-Nairobi Standard Gauge Railway (SGR) have injected vitality into local and regional economies through enhanced mobility of people, goods, and services.
Mwencha emphasized that BRI projects have not only stimulated economic growth in Africa but have also created a mutual platform for countries to trade and cooperate in diverse fields. The BRI has reshaped multilateralism, ensuring that African countries have alternative sources of capital, skills, and technology required to modernize their economies, Mwencha said.
Mwencha commended BRI ventures in Ethiopia, Egypt, Angola, Gabon, and Morocco that have transformed domestic economies through reduced costs of doing business, increased exports, and value addition for agricultural commodities. He debunked the myth from western pundits that BRI projects were saddling African countries with debts, stressing that instead, they were helping the continent tackle poverty and infrastructure deficit in a cost-effective manner.
China's BRI will be an integral part of Africa's future quest for financial diversification, Mwencha said, citing its role in helping the continent develop its agro-industries, mining, as well as housing sectors. The BRI will play a crucial role in Africa's journey towards inclusive and sustainable development, shaping the continent's future development path.
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