That saw ratings agencies upgrade the country, and its risk index fell sharply.

A $113-billion program to upgrade the country's aging infrastructure should also bolster capital expenditures.

He said there were also study proposals to upgrade the country's refineries and build two new ones.

The "Made in China 2025" initiative to upgrade the country's manufacturing base has also spurred growth in robots.

Vanuatu's government says plans to upgrade the country's main airports remain on track, with construction work expected to start by the end of August.

President Michael Sata's drive to upgrade the country's rough roads, which often become impassable in the rainy season, is popular with many Zambians like Moyo.

The government is defending its spending of more than $20 billion to upgrade the country's defence hardware, in what it calling a "humanitarian plan."

China's support comes in the same week New Zealand promised US$7.6 million to upgrade the country's main secondary school, Tereora College

Keen to upgrade the country's creaking infrastructure, Prime Minister Narendra Modi's government has said it will invest $137 billion on its railways by 2020.

Neither Fitch nor Moody's has yet formally upgraded the country's debt rating.

Meanwhile, both Moody's and Fitch recently upgraded the country to investment grade.

In June, Fitch upgraded the country's credit rating to within one notch below investment grade.

S&P Global upgraded the country's long-term rating to "BBB+" on strong growth trajectory after market hours on Tuesday.

Opponents say the bullet train is wasteful and the money would be better used upgrading the country's rickety rail infrastructure.

This week, Standard & Poor's said it upgraded the country's sovereign rating to AA from AA- with a stable outlook.

Weak infrastructure was cited by Fitch Ratings as an obstacle to the agency upgrading the country to an investment grade rating.