China Buys $1.9 Bln of Africa's Ores, Builds Network

From Bloomberg:

"Chinese companies including ZTE Corp. and Huawei Technologies Co. today signed 16 contracts with 11 African nations to buy minerals, build infrastructure and phone networks, in the country's biggest investments on the continent.

ZTE signed two $30 million contracts to provide phone equipment to Lesotho and Ghana, while Huawei will help Ghana set up village phone networks for $30 million and help Kenya set up an Internet-based electronic government network, according to contracts signed today in Beijing.

China, the world's fastest-growing major economy, is increasing investment in Africa, as it seeks more supplies of oil, iron ore and other resources to meet local demand. Chinese President Hu Jintao yesterday pledged to double aid to Africa in three years by extending more credit and waiving tariffs on more of its exports to strengthen economic and political ties."