China announces loans for one billion dollars for infrastructure projects in the Caribbean
Trinidad and Tobago. Within the Third Forum for Economic Cooperation and China-Caribbean Trade, which concluded on Tuesday in Port of Spain, the Asian giant announced loans of one billion dollars to support infrastructure projects in the Caribbean countries, which adds to a growing investment process in the region in recent years, with a major emphasis on tourism-related ventures.
"China can not develop isolated from the world and the world needs China for development," said Vice Premier Wang Qishan at the meeting of Chinese officials and the Caribbean in Port of Spain.
In recent years, the Asian giant, recognized by the World Bank as the most dynamic economy in recent years and the second largest worldwide, with 12% of global GDP has continued to strengthen ties with Latin America and the Caribbean through trade and financial relations and an extensive investor.
According to a recent report by ECLAC (Foreign direct investment in Latin America and the Caribbean), 2010, Chinese companies invested over 15,000 million dollars in Latin American and Caribbean countries, "mainly through mergers and acquisitions."
Over 90% of Chinese investment in the region confirmed linked to the extraction of natural resources, said the report, which stated that "the medium term it is expected that transnational corporations in the country continue to arrive to the region and diversify into the infrastructure and manufacturing sectors. "
Wang said trade between China and the Caribbean, where the growth of debt prevents some governments spend more on infrastructure, has grown at an annual rate of 24% and reached 7,200 million dollars in 2010.
Government data indicate that Beijing's foreign direct investment from Chinese firms in Caribbean countries reached nearly 7 billion dollars in 2009, an increase of 300% over 2004, when the figure was 1.7 billion.
The boldest step was taken in March 2011 when the Export-Import Bank of the Chinese government announced an outlay of 2.6 billion dollars for the construction of a resort of 3,800 rooms in the Bahamas, which have the largest casino Caribbean. The agreement includes the hiring of more than 5,000 Chinese employees for work on the Baha Mar resort in Cable Beach.
In addition, in late 2010 it was announced that the Bank of China and Bank of China Foreign Trade would provide 462 million to finance the first stage of the Punta Perla resort real estate project, an initiative led by Spanish investors in Punta Cana, Dominican Republic. The initial phase will include 1500 residential units, the first stage of a marina, boutique hotel, golf course and sports facilities, infrastructure and water and sewer services.
Google Translated from: