The government of Equatorial Guinea and China have signed an agreement that will see the Industrial and Commercial Bank of China (ICBC) provide US$2bn for infrastructural development in Guinea. This exercise was held in Beijing. Teodor Obiang, President of Equatorial Guinea visited China at the invitation of President Xi Jinping.
China follows the policy of non-interference in other countries’ domestic politics and has already won massive projects in Africa. Although critics view Chinese projects as of little benefit, China is currently Africa’s biggest trade partner with many African governments preferring their method of business.
Reports from Deloitte East Africa revealed that China won 31% of infrastructure projects in East Africa in 2014.