All the across the world, economists believed that G-20 in London this year meet was a tremendous success. There were some excellent agreements that the nations backed. One of them was raising $1.1 million dollars to help the world in sustaining the global economic recession. In the final talks and resolutions it was agreed that more money should be given to the countries that fit the poor standards of living. This included $500 billion fund from IMF to the “under pressure” economies. Out of this capital, $100 billion is for the poorest nations.
Ironically Africa has the maximum number of poor nations, but it was not mentioned anywhere in the 30 page final statement. And on the contrary Africa is mentioned as a developing nation.
Even though China, India and Brazil lead the pack of the poor countries at G-20, it was only South Africa that could get some place in the G-20 meet.
China invests in Africa
China is making a huge Foreign Direct Investment in Uganda thereby reversing the global recession. As a matter of fact China has surpassed Britain’s position in the FDI category and has massively invested in Sudan, Nigeria and other African countries. China was ranking 8th in the FDI investments in Africa from many decades. But it now stands at number 2 as being the 2nd largest source of FDI. This is because of the huge amounts that it is investing and promising to invest here. China has opened around 12 projects that are valued at $13.5 million. These projects are likely to create 1,495 jobs in the near future in Uganda. The bio fuel industry is also getting attention and China is investing $50 million in it. It is likely to create 2,087 jobs in Uganda.
Thus even though there is a financial crisis in the entire world, Uganda is actually stable and getting more and more FDIs. In the first quarter of this year, Uganda has given license to approximately 83 planned investments that are worth $223.4 million. This investment will produce a total of 13,000 jobs. Once these projects initialize Uganda’s economy will be given a boost.
Source : China Africa
Tags: Africa, Asia, Brazil, China, G20, India, Nigeria, Sudan, Uganda
