Foreign news
Nairobi tollway an example of China’s new belt and road financing approach in Africa
The expressway opening in Kenya’s capital is part of a shift by China’s Belt and Road Initiative away from debt financing towards public-private partnerships
Chinese lenders have become more cautious in financing infrastructure projects on the continent, concerned about borrowers’ ability to repay loans
The Nairobi expressway was commissioned to the public on a trial basis on Saturday, and motorists will be allowed to use it for the next three weeks before its official launch.
So far 11,000 vehicles have registered to use the road. Kenyans have expressed their joy over the reduced traffic time they’ll spend when using the 27 kilometre highway.
As a Chinese-built and financed tollway opens in Kenyan capital Nairobi, its most remarkable feature may be that it is an example of Beijing’s attempt to retool the financing behind its Belt and Road Initiative in Africa.
The China Road and Bridge Corporation (CRBC) built the 27.1km (16.8 miles) Nairobi Expressway linking the country’s main airport and the capital. The US$668 million projectwas financed by the state-owned China Communications Construction Company, CRBC’s parent company.
A CRBC subsidiary, Moja Expressway, will operate the road for 27 years to recoup the investment through toll fees.
In all, the road marks a gradual shift in the belt and road strategy, from public debt finance to a new method of funding for infrastructure like roads and power plants in Africa: public-private partnerships (PPP).
Under the PPP model, Chinese private companies can lower the risks to repayment and help African governments reduce their loans and budget deficits, observers say.
Foreign news
Pakistan Moves to Deepen Diplomatic, Economic Relations With Nigeria
The Government of the Islamic Republic of Pakistan has called for deeper diplomatic and economic ties with the Nigerian government to foster development for both countries.
Mr Rana Ihsaan, the Coordinator to the Prime Minister of Pakistan made the call in an interview with the News Agency of Nigeria (NAN) during his working vist to Nigeria on Wednesday in Abuja.
NAN reports that the visiting Coordinator held a closed-door meeting with Yusuf Tuggar, the Minister of Foreign Affairs.
After the meeting, he said that both both sides had agreed on deepening relations in the areas of trade and commerce, among others.
Ihsaan said that both countries must see the need to accelerate efforts towards a Bilateral Trade Agreement (BTA).
He said that Pakistan had already submitted a draft BTA and was awaiting Nigeria’s response.
According to him, discussions centered on easing visa processes, expanding educational exchanges, and strengthening Cooperation in sectors such as Minerals, Youth training, and Defence were highlighted.
Ihsaan said that Pakistan had already implemented visa-on-arrival for Nigerians at no cost, and urged Nigeria to reciprocate to enhance people-to-people ties.
He stressed the importance of high-level engagements between both nations, describing Nigeria and Pakistan as very similar countries with large populations, youthful demographics, and vast economic potentials.
“Deeper collaboration will unlock opportunities in trade, education and investment, while further solidifying long-standing diplomatic relations,” he said.
He said that aside from visiting the foriegn Minister and other top government officials in Nigeria, he was also in the country to attend the on-going West Africa Beauty Exhibition holding in Lagos.
He described the exhibition as one of the continent’s largest cosmetic fairs, adding that he led a delegation of 19 Pakistani business people exploring Nigeria’s estimated 10 million dollar beauty and cosmetics market.
Ihsaan said that Nigeria was a gateway to Africa, adding that Pakistani products, like cosmetics, Textiles, Pharmaceuticals, Food items and Sports goods were already gaining traction in the country.
He encouraged Pakistani exhibitors to establish offices, Warehouses and logistics partnerships to strengthen their foothold in the Nigerian market.
Ihsaan further addressed concerns from Nigerian businesses on the ease of doing business in Pakistan.
He said that the Trade Development Authority of Pakistan had been supporting Nigerian participants at major exhibitions to achieve the ease of doing business.
“The Special Investment Facilitation Council (SIFC) serves as a one-stop platform for Nigerians interested in investing in Pakistan,” he said
Culled from NAN
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