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Russian president backs China's Silk Road proposal
By ZHANG YUNBI ( China Daily ) Updated: 2015-04-09 04:53:13

Russian President Vladimir Putin has voiced support for China's Silk Road Economic Belt initiative, which is aimed at reviving the ancient Eurasian trading route.

Putin told visiting Chinese Foreign Minister Wang Yi in the Kremlin on Tuesday that Moscow supports the initiative, proposed by President Xi Jinping, and "steadfastly supports China's efforts in championing core interests".

An official release issued after an earlier meeting between Wang and his Russian counterpart Sergei Lavrov said both countries are ready to "proactively explore" cooperation on the Silk Road plan and Russia's idea of creating a "passage" between Asia and Europe and integrating Eurasian economies.

Countries including Russia and Central Asian nations have shown increasing interest in the Silk Road Economic Belt, proposed by Xi in 2013.

Xing Guangcheng, a senior scholar at the Chinese Academy of Social Sciences, said the consensus on Tuesday indicates the two countries are "taking a tangible step forward".

They are shifting from preliminary supportive language for each other to joint efforts in initiating working-level liaison on the two concepts, Xing said.

In late March, the State Council authorized a landmark document — "Vision and Actions on Jointly Building the Silk Road Economic Belt and 21st Century Maritime Silk Road—to be issued, outlining the blueprints.

At his meeting with Putin, Wang suggested "docking" the Chinese and Russian initiatives "in order to tackle new changes in the international and regional situation".

Wang told a joint news conference that Russia's "look East" policy and China's accelerated westward openings "have created historic opportunities for docking the two countries' development strategies".

Li Hui, China's ambassador to Russia, said in a speech to university students in Moscow in February that "the Belt and Road" could meet bilateral cooperation programs halfway, such as Sino-Russian oil and gas pipelines and China's participation in the development of Russia's Far East.

Yang Cheng, deputy director of the Center for Russian Studies at East China Normal University, said the bilateral readiness on "docking" shows that Russia has a deeper understanding of the strategic benefit to come.

Putin also said he expects that Xi will visit Moscow in May for celebrations marking the 70th anniversary of victory in World War II.

Wang, who laid a wreath at the Tomb of the Unknown Soldier in Moscow's Red Square earlier in the day, said

the 70th anniversary of victory in WWII is an opportunity to strengthen coordination on international affairs and to uphold mutual interests.

Both countries agreed after the foreign ministers' discussions that they "have both the duty and obligation to support each other" when they host the commemorations jointly or separately, in order to remember history, inspire following generations and better ensure world peace.

Xinhua contributed to this story.

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Sinohydro starts construction of 750MW hydroelectric project in Zambia
EBR Staff Writer
Published 30 November 2015

The Zambia Government has started construction of a 750MW Kafue Gorge Lower hydro power project to address power crises in the country.

The start represents the handover of the Kafue Gorge Lower project site to the contractor Sinohydro Corporation of China by the government.

The launch follows a memorandum of understanding signed last month between China and Zambia for the development of the China-aided $2bn Kafue Gorge Lower Hydro-power project.

Located in southern Zambia's Chikankata district, about 90km from Lusaka, the hydro power plant will help in addressing power shortage in the country.

Xinhua news agency cited Zambia President Edgar Lungu as saying during the launch that the country plans to fund 15% of the project cost in equity while the remaining fund will be contributed by the contractor.

The contractor will arrange debt financing from the China Exim Bank and Industrial and Commercial Bank of China to fund the project, Lungu said.

Lungu added: "This is a viable project with assured market for its product and therefore recouping the investment we are making is assured.

"This project also assures us of sustainable energy security as a nation because it will add a significant amount of power to the grid."

The Zambian Government is implementing the hydro power project through the energy and water development ministry and state-owned power company Zesco under a special purpose vehicle, Kafue Gorge Lower Power Development, reported Lusaka Times.

Scheduled to be completed in four years, the project is expected to create about 5,000 jobs during construction phase.

Lungu also noted that the country plans to commission the 100MW power station at Itezhi Tezhi next month.
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Chinese firm to build hydropower station in Guinea
2016-01-25 22:33:25

WUHAN, Jan. 25 (Xinhua) -- China Three Gorges Corporation (CTGC) has signed a contract with Guinea to build a new hydropower station for the western African nation, the company announced on Monday.
The Souapiti hydropower plant on the Konkoure River will have an installed capacity of 450,000 kilowatts. The plant will not only meet the power demands of Guinea but extra electricity will be transmitted to neighboring countries.
The contract is worth 1.38 billion U.S. dollars and construction is expected to take 58 months.
The Kaleta hydroelectric power station, CTGC's first project in Guinea, saw its first generating unit going into operation last year. It will have a total capacity of 240,000 kw.
Established in 1993, CTGC is a clean energy group focusing on large-scale hydropower development and operation. It manages the Three Gorges -- a multi-functional water control system consisting of a huge dam, a five-tier ship lift and 26 hydropower generators in the middle reaches of the Yangtze River.
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China’s CREC lands initial work for Egypt ‘Olympic park’ – report
28 Jan 2016 | Davina Munro

The Egyptian Housing Ministry and the China Railway & Engineering Corporation (CREC) have signed a memorandum of understanding to work on six governmental buildings and a so-called ‘Olympic park’ in the new administrative city planned outside Cairo, according to media reports.

Business publication Amwal Alghad reported that the governmental buildings will be built on a 214,000 sqm site while the ‘Olympic park’ will be constructed on an area of 8.4 square kilometres (2000 feddans).

CREC will work on the initial designs for the project within the next three months, with the projects expected to be completed in 30 months. The MoU was signed by Egyptian Housing Minister Moustafa Madbouli, it was reported.

CREC is a Beijing-based conglomerate with operations in fields including construction, manufacturing, real estate development, mineral products and finance.

Model of the new city on display in Sharm El Sheikh

China Fortune Land to invest $45bn in Egypt

China Fortune Land Development Co Ltd, an industrial zone developer and operator, has secured its first project in Africa to build a new industrial city in Egypt's new administrative capital.

Under the government plan, Egypt's new administrative capital will be located between Cairo and Suez, a city along the Suez Canal. Once completed, the new administrative capital will serve as the country's new political and financial center and will effectively drive the development of the Suez Canal Economic Belt and the Red Sea Economic Belt.

CFLD on Monday released a statement saying it had signed an MOU with the Egyptian government earlier this month. The Shanghai-listed company will invest in and build the second phase including administrative buildings, manufacturing facilities and service infrastructure. It will cover a land space of 60 square kilometers in Egypt's new administrative capital.

Foreign media reported that CFLD's total investment in this project is estimated at $20 billion.

The total investment in Egypt's new administrative capital could reach $45 billion.

CFLD will integrate urban planning, construction and the operation to build this city with a high degree of industrial agglomeration and urban functionality, all within a sustainable ecological environment, said the company.

The Egyptian government hopes its GDP growth rate, urbanization progress and foreign direct investment net inflow can be lifted by 2 percent, 10 percent and more than 15 percent respectively, thanks to this massive project.

"Egypt is the place where the Arab League is headquartered. This strategic position makes Egypt a key node under the Belt and Road Initiative," said Zhao Hongjing, president of CFLD International Co Ltd.

Egypt is an important gateway for African and Middle Eastern countries. China has become Egypt's largest trade partner, with a trade volume amounting to $12.9 billion in 2015 alone.

"The establishment of this new industrial city in Egypt is an important step in the global deployment of CFLD's new industrial cities. It has great significance in deepening China-Egypt industrial capacity cooperation and promoting regional economic development," Zhao said.

Established in 1998, CFLD has more than 5,000 employees. It has built strong market presence in Southeast Asia, the United States, Europe and domestic markets.

Zhou Zhenbang, vice-secretary-general of the China Association of Development Zones, which represents 131 national-level economic development zones, said Chinese companies have rich experience with the development of special economic zones and agricultural reform, and Africa is doing well to emulate that.
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