Chinese rail firm signs US$5.5 bln worth of deals in Africa
[SHANGHAI] China Railway Construction Corp Ltd (CRCC) has signed two deals worth a combined US$5.5 billion for construction projects in Africa, Xinhua reported late on Monday, as the country's railway firms increasingly flex their muscle overseas.
CRCC's China Civil Engineering Construction Corporation (CCECC) unit will work on a US$3.5 billion intercity railway line in Nigeria's southwestern Ogun state, Xinhua said, citing the area's state governor, Ibikunle Amosun.
CRCC also signed a US$1.93 billion deal to build a residential construction project in Zimbabwe, Xinhua added.
Beijing is pushing to make its firms more competitive globally, with an ongoing merger of the country's top two train-makers set to create a US$26 billion behemoth that will be able to compete with international rivals.
Meng Fengchao, the board chairman of CRCC, told Xinhua the deals were a milestone in the "going global" strategy of China's railway firms.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
China's largest auto show displays all-electric future, local brands dominate
Toyota hits record annual output, sales on robust demand
Nissan, Mazda roll out new models for China as they aim for comeback
VinFast chief plans to invest US$1 billion more from his fortune in EV maker
XPeng CEO says its software, AI upgrades to enter ‘super fast cycle’