Chinese State Council approves China-Africa development fund

14 May 2007

Beijing, China, 14 May – China’s State Council has approved the creation of a China-Africa Development Fund, Gao Jian, vice-governor of the China Development Bank (CDB), has said.

According to the draft plan, the fund will start with US$ 1 billion and be reinforced by US$ 3 billion to eventually reach US$ 5 billion .

Speaking to the Sino-Africa Economic Cooperation Forum, Gao said the fund would be applied to sectors including agriculture, industry, energy and development of resources in African states, as well as on Chinese firms operating in Africa.

“The CDB pays great attention to cooperation with Africa,” said Gao, adding that the bank currently has eight working groups in Africa and plans to send another 18.

By the end of March, the bank had given credit of US$ 1 billion to African states and assisted in 30 development schemes.

The CDB is a Chinese state development institution. As of December 2006, its total assets exceeded US$ 295 billion, with a loan balance of US$ 256 billion. (macauhub)