Arab Today, arab today brazil pledges investment fund for africa
Last Updated : GMT 15:37:31
Arab Today, arab today
Arab Today, arab today

Brazil pledges investment fund for Africa

Arab Today, arab today

Arab Today, arab today Brazil pledges investment fund for Africa

Rio De Janeiro - AFP

Brazil pledged major investment and technology transfer to Africa to repay a \"solidarity debt\" from a country with a huge black population to the poorest but resource-rich continent. \"Brazil must begin to repay the solidarity debt we have with Africa,\" former president Luiz Inacio Lula da Silva said on Thursday, in his first public address since he was diagnosed with larynx cancer in October. The world\'s sixth-largest economy \"owes its current strength to the more than 300 years of slavery during which we exploited the sweat and blood of millions of Africans,\" he added. Lula gave major impetus to relations with Africa while he was in power from 2003 to 2010, making several trips to the continent and reminding his hosts there that Brazil has the world\'s second-largest black population after Nigeria. Leaders of top state and private Brazilian companies with interests in Africa, including oil giant Petrobras, mining conglomerate Vale and construction firm Odebrecht pledged to boost investment in Africa during a seminar sponsored by the powerful state Brazilian Development Bank (BNDES). \"The (African) continent has been posting robust GDP growth for 10 years and in 2012, it can grow nearly six percent,\" Lula said. \"The middle class there already totals 300 million people. The number of young people in schools and universities is growing. More than 430 million Africans use cell phones.\" Guinea-Bissau\'s Carlos Lopes, appointed to be the next executive secretary of the UN Economic Commission for Africa, told the seminar that Libya is expected to post GDP growth of 76 percent this year, Sierra Leone 35 percent, while Angola, Congo and Mozambique are set for \"double-digit growth.\" BNDES chief Luciano Coutinho described investment opportunities in Africa as \"extraordinary,\" particularly in the areas of agriculture and energy, transport, technology, farm equipment, telecommunications, the petrochemical and auto sectors as well as banking and pharmaceuticals. But he stressed that there was still a lack of financing and said that BNDES would guarantee \"its commitment as a national bank to help face this challenge.\" And Brazilian companies signaled their interest in competing with China for Africa\'s huge mineral resources and growing consumer market. Brazil\'s leading investment bank Banco BTG Pactual used the occasion to announce a $1 billion Africa investment fund, the biggest in the world, with capital collected in the country. \"It will be the biggest fund in Brazil with a special focus on the African continent,\" BTG Pactual president Andre Esteves said. \"The creation of this \'private equity\' is a demonstration of the enormous confidence and affinity Brazil has with this region of the world.\" Petrobras chief Graca Foster hailed Africa as an \"exceptional new market,\" but called for improved national regulations to spur further investment. The energy leader is currently present in seven African countries. Vale, the world\'s top iron producer, says it has $7.7 billion worth of investments in nine African countries. The mining giant is also modernizing and building 900 kilometers (550 miles) of railways as well as a deep-water port in Portuguese-speaking Mozambique, said Vale president Murilo Ferreira, who complained about African bureaucracy. Brazilian exports to Africa soared from $2.4 billion in 2002 to $12.2 billion last year, while trade with the continent jumped from $4.3 billion in 2000 to $27.6 billion in 2011, according to official statistics.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today brazil pledges investment fund for africa Arab Today, arab today brazil pledges investment fund for africa

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: قضايا ساخنة
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday