China International Fund

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China International Fund Limited is an officially private Chinese company with headquarters in Hong Kong and an office in Beijing . The company was founded in Hong Kong in 2003 and finances national reconstruction projects and the creation of infrastructures in developing countries on a large scale. China International Fund Limited has entered into agreements with the governments of Angola and Guinea that provide for various exploration projects in these countries. The agreements involve billions in investments. The company is suspected of being a covert state company investing in the People's Republic of China because "Key people have ties to Chinese state-owned companies and government agencies. ”

Projects

The following projects are funded:

  • Automobile industrial parks, social housing, public utilities, motorway, railway and airport projects, general construction projects, logistics centers, water and hydro-electric projects, industrial zones, shipping projects, government and administrative complexes, as well as new district projects.

Corporate structure

The US-China Economic & Security Review Commission published a report in July 2009 on investments by Dayuan, CIF and its offices in Africa, Latin America and the USA. China International Fund is 99% owned by Dayuan International Development Ltd. The report named these companies the " 88 Queensway Group," named after the Hong Kong address for the headquarters of most of its subsidiaries. There is currently only suspicion that the CIF is owned by the People's Republic of China. On the other hand, the fact that chairwoman Lo Fong Hung is director of Sonangol Sinopec International Ltd, a joint venture between the state-owned oil companies Sinopec of China and the Sonangol Group of Angola, speaks for the suspicion of state control . A CIF director Wu Yang was mentioned as vice chairman of Sinopec in a March 2006 UN report.

Angola

In a conversation between the American ambassador to Angola Dan Mozena and the Chinese ambassador to Angola Zhang Bolun , the latter said in early 2009 that the CIF made many promises to Angola and that although the society is so present in Angola, it is because of its weak management and the lack of it Leadership many projects stall, such as B. the new construction of the Angola International Airport . Zhang said the CIF is a "private company" and that the Chinese embassy is not actively involved or overseeing the company's relations with Angola. He added that the CIF and its Hong Kong-based owners benefited from their "close relationship" with President dos Santos . In 2004, and apparently also in 2005–2006, Angola received a credit line from the China Exim Bank of USD 2 billion for originally twelve different projects. Another $ 500 million was launched in May 2007. The Angolan government also receives from China International Fund Ltd. Hong Kong loans ranged from $ 2.9 billion to $ 9.8 billion.

Strategic partnerships

In October 2009, a mining and infrastructure contract was signed between China International Fund and Guinea . CIF is investing at least $ 7 billion in the country to mine mineral resources, including diamonds, iron ore, petroleum, and most importantly, the world's largest deposit of bauxite. The company is considered a "strategic partner" in all mining matters. In 2011 the agreement was revoked. on the basis of a Wikileaks cable, which made Thiam, then Mining Minister, suspect of corruption. Currently (May 2012) the China International Fund is trying to take over mines from Rio Tinto in Guinea.

literature

  • US-China Economic & Security Review Commission, The 88 Queensway Group: A Case Study in Chinese Investors' Operations in Angola and Beyond, by Lee Levkowitz, Marta McLellan Ross, and JR Warner, July 10, 2009, PDF .
  • Alex Vines / Lillian Wong / Markus Weimer / Indira Campos: “Sede de Petróleo Africano Petrolíferas Nacionais Asiáticas na Nigéria e em Angola” , Chatham House report from January 2011

Web links

Individual evidence

  1. ↑ John Garnaut: State or mate? Who's behind China fund? The Sydney Morning Herald , March 17, 2010, accessed December 18, 2010.
  2. ↑ "Guinea and China 'agree big deal'" BBC News of October 13, 2009 (English)
  3. ↑ e.g. in Tanzania: Beibei Yin: Chinese investment in Tanzania bears bitter fruit , guardian.co.uk, Friday, March 2, 2012, accessed on May 15, 2012.
  4. ↑ Wikileaks : Cablegate , Kabel from January 27, 2009 (ID: 09LUANDA51) NEW CHINA CREDIT LINE UNDER CONSIDERATION ( Memento from December 13, 2010 in the Internet Archive ), accessed on December 19, 2010; Rafael Marques: The New Imperialism: China in Angola , World Affairs , March / April 2011, accessed May 15, 2012.
  5. ↑ GTZ Report: China's Engagement in Africa - Opportunities and Risks for Development, page 40 (PDF; 1.3 MB)
  6. ↑ Shai Oster, "China Fund's $ 7 Billion Deal With Guinea Draws Scrutiny," Wall Street Journal, November 2, 2009 [1] , accessed December 19, 2010.
  7. ↑ Guinea mining: PM defends radical industry shake-up , BBC September 14, 2011, accessed May 15, 2012.
  8. ↑ The Queensway syndicate and the Africa trade , The Economist, August 13, 2011 (en), accessed May 15, 2012.
  9. ↑ Chinese tycoons plan to take Guinea mine Simandou from Rio Tinto , The Australian, May 7, 2012, accessed on May 15, 2012.