China feels a sugar rush for African biofuel projects

China is eyeing investment in African biofuels as another strand of its growing economic relationship with the continent. Hua Lien International is planning ethanol projects in several countries.

The unit of China’s largest government-owned investment firm, State Development & Investment Corp (SDIC), has signed a memorandum of understanding to set up ethanol projects in various African countries.

In a statement to the Hong Kong Stock Exchange this week, Hua Lien says it is planning to establish a joint venture for the investments with China-Africa Development Fund (CADFund), a $5bn fund created by Beijing in 2007 to promote business ties.

China’s Complant International Sugar Industry, which operates sugar-cane plantations in Africa, will have a stake in the venture. Complant Log in to read complete article.

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