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Frame agreement on strategic cooperation between CGGC and CAD
Updated: 2009-05-12
A frame agreement on strategic cooperation was signed off between CGGC and CAD in the head office of CGGC International in Beijing on May 8. Nie Kai, vice president of CGGC was the undersigned on behalf of CGGC.
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Nie Kai from CGGC and his counter part Chi Jianxin signing off the agreement |
The China-Africa Development Fund (CAD Fund) is one of the Eight Measures which was announced by Chinese President Hu Jintao at the Beijing Summit of the Forum on China-Africa Cooperation on the Nov 4, 2006. It is a fund which aims to support Chinese companies to develop the cooperation with Africa and enter the African market.
On June 26, 2007, the Chinese government officially approved the establishment of the CAD Fund, with first-phase funding, $1 billion, provided by China Development Bank, and will eventually reach $5 billion. Acting as the significant platform and bridge for deepening China-African economic and trading cooperation as well as backing up African development, having been orienting Chinese companies in the investment to Africa, CAD upon its establishment has been strongly supported by governmental authorities such as the Ministry of Commerce and the Ministry of Foreign Affairs of People’s Republic of China and popularly welcome by in African countries.
The cooperation between CGGC and CAP, esp. the proposed cooperation platform will tremendously widen the investment and financing channels of CGGC for a wider and higher involvement into the infrastructure construction of African countries and promotion of local economic development by CGGC.
