BRICS summit: China heavily invests in Guinea
China announced it will loan Guinea USD 20 billion to support infrastructure development in the country over the next 20 years. In turn, the Guinean government granted several mining concessions to Chinese companies, including for the bauxite mines in northern Guinea. Details on the terms of co-operation are not yet known. The announcements were made on the side-lines of the ninth BRICS summit, which brought together leaders from Brazil, Russia, India, China and South Africa, from 3-5 September in Xiamen, China. Alpha Condé, President of Guinea and current chairman of the African Union, participated as an observer during the event. Several side events were organised to finalise a number of bilateral economic deals between China and Guinea. In terms of infrastructure development, the Guinean government will prioritise the reconstruction of the road connecting Conakry to central areas of the country, the extension of the port of Conakry, the construction of a university and the development of the electricity grid in upper Guinea. The Guinean government hopes that this massive investment will boost its economy and help it reach double-digit growth rates in the near future. Chinese President Xi Jinping called for solidarity between emerging economies and developing countries. In their final declaration, BRICS leaders expressed concern about the challenges the African continent faces in order to achieve independent and sustainable development and to preserve wildlife. They also reaffirmed their commitment to strengthen their co-operation with Africa. “We reaffirm our strong support for the African Union's implementation of its various programs under Agenda 2063 in pursuit of its continental agenda for peace and socio-economic development,” they declared.