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China-Africa Development Fund grants $90M

(Xinhua)
Updated: 2008-09-09 07:09

XIAMEN -- The China-Africa Development Fund (CAD Fund) has granted six investment projects involving more than $90 million since it was established in June last year, said a CAD Fund executive on Monday.

"There are almost 100 more projects under consideration, which means further investment in African countries in the future," said Chi Jianxin, president of the CAD Fund company, at a seminar on investment in African countries held in Xiamen City in the eastern Fujian Province.

The fund has so far established strategic relations with more than 10 major enterprises in China with a view to fully promoting business cooperation with African countries.

The fund focuses investment in agriculture, manufacturing, infrastructure, natural resources exploration and industrial parks in African countries in order to enhance local sustained development.

"For instance, the glass plant project in Ethiopia where the CAD Fund holds 40 percent shares is expected to end Ethiopia's history of incapability of producing glasses," Chi said.

The CAD Fund is one of eight measures for China-Africa practical cooperation announced by President Hu Jintao at the Beijing Submit of the Forum on China-Africa Cooperation in November 2006.

As an equity investment fund, it aims at supporting Chinese enterprises in expanding their investment in African countries.

The fund started operation on June 26, 2007, with the first-stage capital of $1 billion contributed by China Development Bank.  The fund size was expected to reach 5 billion U.S. dollars.