World Bulletin / News Desk
China's biggest lender by assets, Industrial and Commercial Bank of China, said on Wednesday it had signed an infrastructure pact worth $2 billion with the oil-rich west African nation of Equatorial Guinea.
The agreement was signed on Tuesday following a meeting in Beijing between Chinese President Xi Jinping and Equatorial Guinea President Teodor Obiang Nguema, marking the latest Chinese investment in the continent and its resources.
The deal will include providing "financial support" to Equatorial Guinea's government as well as Chinese enterprises there, ICBC said in a statement.
"There are growing numbers of cooperation areas between our two countries, and the prospects are very bright," Chinese Premier Li Keqiang told Obiang on Wednesday, according to a government statement.
The two countries should deepen their "traditional friendship", Li added.
ICBC called Africa the "strategic and developmental heart of 'going out'" for firms the bank supports.
"Equatorial Guinea is a central African country that has developed relatively well," the government said. "The government in recent years has supported expanded investment into infrastructure development, and the need for infrastructure projects is enormous."
Many Chinese development and aid projects have drawn condemnation from rights groups for their support of governments with poor rights records and lack of transparency, including Zimbabwe, Sudan and Angola.
China has said it will not follow the path of "Western colonists" in Africa by sacrificing countries' long-term interests or environments.
Beijing says it follows a policy of non-interference in other countries' domestic politics that is welcomed in Africa.
Equatorial Guinea, a tiny Sub-Saharan African nation, boasts the highest GDP per capita in Africa, thanks to a hydrocarbon boom. But it is also notorious for corruption and ranked 144 of 187 states on the U.N.'s 2014 Human Development Index.
Under terms of Iraq’s constitution, current assembly’s mandate expired on June 30
In remarks ahead of this weekend's meeting of Group of 20 finance ministers in Argentina, Lagarde said there were signs global growth could begin to decline and called on policymakers to prepare.
Israeli army frequently conducts wide-ranging arrest campaigns in the occupied West Bank
Probe by Israeli rights group B'Tselem concludes that intentional fatal shot was fired at the Palestinian paramedic.
"I accept our intelligence community's conclusion that Russia's meddling in the 2016 election took place," Trump said
Here are five takeaways from the news conference that followed their first summit, in the Finnish capital Helsinki:
An abandoned mining town in California went on sale for $ 1.4 million
Roughly 80 percent of Iraq’s crude oil exports originate from oilfields in Basra province
Kerem Shalom is Gaza's only functioning commercial crossing
More than 130 Palestinians have been killed by Israeli fire since March
Resources strained as thousand crossing into Canada from US
American Civil Liberties Union granted request to halt deportations for one week after reunification
Trump declared that US-Russian relations have turned a corner after a summit with his Russian counterpart Vladimir Putin that he described as "open, direct and deeply productive".
Operation is aimed at restoring confidence after last year’s illegitimate poll on Kurdish regional independence
The U.S. State Department is negotiating a potential deal to sell Turkey the Raytheon Co Patriot missile defense system as an alternative to the Russian-made S-400 system Turkey has agreed to purchase, an official said on Monday.
ISIL still maintains a limited presence in northern and western Iraq