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Agricultural Development Bank of China
Company

CADFund helps promote African development by win-win projects

August 31, 2018


Abstract : China-Africa Development Fund (CADFund), an equity investment fund managed by China Development Bank, has enlarged its investment portfolio across Africa in recent years.

AWA航空

Photo: AWA airline company 

BEIJING, Aug. 31 (Xinhua) -- China-Africa Development Fund (CADFund), an equity investment fund managed by China Development Bank, has enlarged its investment portfolio across Africa in recent years.

Under the Belt and Road Initiative, its investment has covered such areas as agriculture, manufacturing, infrastructure development and industrial parks.

According to the fund source, CADFund has accumulatively invested more than 4.6 billion U.S. dollars in 92 projects in 36 African countries, which has brought the Chinese enterprises' investment in Africa to more than 23 billion U.S. dollars.

For example, it teamed up with China Molybdenum to invest in the Tenke Fungurume copper and cobalt project in the Democratic Republic of the Congo. In 2017, the project produced 210,000 metric tons (tonnes) of copper and 16,000 tonnes of cobalt and contributed 256 million U.S. dollars to the local fiscal revenue.

In the building of industrial parks, CADFund cooperates with Egypt and the Tianjin Economic-Technological Development Area (TEDA) to build the China-Egypt TEDA Suez Economic and Trade Cooperation Zone which has already attracted 33 manufacturing enterprises and 35 service enterprises to settle in. The economic zone has accumulatively attracted investment of 950 million U.S. dollars and created nearly 2,000 jobs for the local people.

Meanwhile, the CADFund also participated in the aviation improvement in Africa. It worked with Hainan Airlines and partners in Ghana to invest in the Africa World Airlines Limited (AWA).

At present, AWA has launched three domestic air routes and four international routes. The airline company has effectively eased the local air transport pressure and promoted Ghana's interconnection with West African countries. (Edited by Hu Pingchao, hupingchao@xinhua.org)

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Keyword: CADFund China-Africa

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