China-Africa Development Fund reaches $10 billion

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China-Africa Development Fund, an equity investment fund managed by China Development Bank, has reached $10 billion.

So far, the CAD Fund has decided to invest more than $4.6 billion in over 90 projects in 36 African countries, covering areas of infrastructure, capacity equipment, agriculture, people’s livelihood, as well as energy and resource development, according to the fund.

Upon implementation, these projects will channel more than $23 billion of investment from Chinese companies into Africa, which will in turn increase African exports by $5.8 billion, create $1 billion of tax revenue and benefit more than 8.7 million people on the continent.

To support Chinese companies in Africa, the fund was set up in 2007 following the 2006 Beijing Summit of the Forum on China-Africa Cooperation with an initial scale of $5 billion.

For the next stage, the fund will expand investment in Africa and help further align the Belt and Road Initiative with Africa’s development, so as to facilitate building an even stronger China-Africa community with a shared future, said sources with the fund.

Source(s): Xinhua News Agency