Chinese rail firm signs $5.5 billion worth of deals in Africa
By: Reuters | Apr 28 2015 at 05:14 PM | Intermodal
China Railway Construction Corp Ltd (CRCC) has signed two deals worth a combined $5.5 billion for construction projects in Africa, Xinhua reported, as the country's railway firms increasingly flex their muscle overseas.
CRCC's China Civil Engineering Construction Corporation (CCECC) unit will work on a $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 $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 $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)