World Bank to fund Chinese project in Africa
The World Bank's private sector arm announced on Wednesday, 21 April 2010, that it will help fund a Chinese investment in Tanzania. The International Finance Corporation has agreed to provide ten million US dollars to partly finance the construction of a small commercial complex in Dar es Salaam by a Chinese company and a local NGO.
Chinese investments in Africa - particularly in the oil, gas and mining industries - have been criticised for failing to uphold international human rights and environmental standards. The IFC expressed hopes that covering deals such as this with its internationally recognised standards will help discourage violations and ensure Chinese firms act responsibly.