Chinese Fund invests $4b in Africa by end of November 2016 – Report

China has not obscured its interest in Africa. It has been clear in the last decade that it has interests in having a stake on the continent, and investing in Africa has been one of its strategies for economic control and influence.

The China Africa Development Fund (CAD Fund) has invested a total of $4 billion in Africa by end of November 2016, the Xinhua news agency has reported citing authorities.

The CAD Fund is an equity investment fund managed by the China Development Bank.

According to the report, since its establishment in 2007, the fund has invested in 88 projects in 37 African countries.

“The projects cover areas including infrastructure, processing and manufacturing, and energy and mineral resources,” Wang Yong, vice president of the fund, was quoted as saying in Guangzhou, China.

The projects that were invested in, have attracted a further $17 billion in the form of enterprise investment and bank loans to Africa, according to Wang.

The fund mainly focuses on long-term investment projects such as industrial development, agriculture, infrastructure, and resource development, the report said.

By Emmanuel K. Dogbevi

Leave A Reply

Your email address will not be published.