China-Africa Development Fund opens first office in South AfricaMarch 17, 2009 at 1:25 pm | Posted in Africa | Leave a comment
Tags: china-africa development found, development, south africa
The China-Africa Development Fund (CADFund) has today opened the first representative office in Johannesburg, South Africa, marking promising Sino-African cooperation.
The Fund, according to the management statement, will boost economic development in Africa by encouraging investment by Chinese enterprises. Its creation stems from President Hu Jintao’s pledge at the China-Africa Cooperation summit in 2006.
According to Chen Yuan, Chairman of the Board of the China Development Bank, the Fund is the first of its kind and it will encourage Chinese companies to invest in multiple industries, leading to an improved quality of life for residents throughout Africa.
The China-Africa Development Fund is a US$ 5 billion fund, in which the China Development Bank invested $1 billion, which is the fund’s first phase of capital. Since its establishment in June 2007, the CADFund has facilitated over 20 investments in Africa, amounting to nearly 400 million US Dollars, the statement issued by the management of the fund said today.
Several high-level Chinese and South African government officials and business leaders attended the office opening ceremony, including African National Congress president Jacob Zuma, China Development Bank Chairman Chen Yuan, CADFund CEO Chi Jianxin, and Zhong Jianhua, China’s Ambassador to the Republic of South Africa.
The Fund’s statement said the creation of the China-Africa Development Fund’s Representative Office in South Africa is a further step to help facilitate CADFund’s investments in Africa. The CADFund aims to establish Representative Offices throughout Africa in the near future to further promote economic cooperation between China and Africa and to bring about mutual benefits.
The China-Africa Development Fund has already among others concluded investments in the cotton planting and processing facility in Malawi, 560,000kW scalable power station in Ghana, glass factory in Ethiopia, Egyptian Suez Trade Park, and Nigerian Lachish Trade Zone.