China’s influence in the Caribbean community to grow

The two-day China Caribbean Economic and Trade Cooperation Forum opened here on today with China announcing that it would pump millions of dollars in assistance to the Caribbean Community (CARICOM).

Vice Premier of the People’s Republic of China, Wang Qishan told the opening ceremony attended by a number of Caribbean leaders including Jamaica’s Prime Minister Bruce Golding, his Antigua and Barbuda counterpart Baldwin Spencer and the Guyana President Bharrat Jagdeo, that Beijing would provide funds for six initiatives aimed at boosting relations between the two regions.

“China will provide US$ 1 billion in loans and preferential nature to the Caribbean countries in support of local economic development,” he said.

“China encourages exchanges and cooperation between the commercial banks of the two sides. The China Development Bank will put aside one US$ 1 billion to be used as special commercial loans for infrastructural development.”

The visiting Chinese government official said Beijing also wanted to discuss and sign a protection agreement with the Caribbean to promote two way investments.

He also announced that China would provide US$ 1 million to the Caribbean Development Fund (CDF) in addition “to providing no less than 2,500 training opportunities for Caribbean countries and 30 opportunities with Masters Degrees for Caribbean professionals to study in China”.

He said China would also help the in-house capabilities of Caribbean countries fight natural disasters and that Beijing would provide support in the building of seismic and tsunami early warning and monitoring networks.

Source: Jamaica Observer