Projects begin in Mozambique and Angola with financial support from China

21 October 2014

The China-Portuguese Speaking Countries Fund for Cooperation and Development has approved two projects in Angola and Mozambique valued at US$10 million each, said the Secretary-General of the Permanent Secretariat of the Forum for Economic and Trade Cooperation between China and the Portuguese-Speaking Countries Portuguese (Macau).

Chang Hexi, who spoke to Macau Television (TDM) on the sidelines of a Colloquium on Public Administration for Portuguese-Speaking Countries, at the University of Macau, said the project in Angola is connected to public lighting by solar energy and the agricultural sector in Mozambique.

In August a representative of the China Development Bank (CDB) said that the China-Portuguese-speaking Countries Fund for Cooperation and Development received applications for financial support for 50 projects from Brazil, Guinea-Bissau, Timor-Leste (East Timor), Mozambique and Angola and that ten were currently under analysis.

The fund, which was created in 2010 on the day of the ministerial meeting of Forum Macau, has a budget of US$1 billion to support projects of the Portuguese-speaking countries connected to China.

The Fund aims to promote business investment, especially supporting Chinese companies, including Macau, in cooperation with companies from the Portuguese-speaking countries.

The investment decision is the responsibility of the Investment Committee, made up of representatives of the professional management team of the China-Africa Development Fund, based in Beijing.

The Fund involves the Development Bank of China as a sponsor, the Fund for Industrial and Commercial Development of Macau as a limited partner and sponsor, CDB Capital Co. as a limited partner and the Fund Management Company, as general partner and manager, with ongoing support from Forum Macau. (macauhub/AO/CN/MZ/MO)