In what it called "a major step for sino-African co-operation", the China-Africa Development Fund opened its first representative office in Johannesburg on Monday."The fund will boost economic development in Africa by encouraging investment by Chinese enterprises," it said in a statement.
"Its creation stems from President Hu Jintao's pledge at the China-Africa Cooperation summit in 2006," it added.
According to Chen Yuan, chairman of the board of the China Development Bank, the fund was the first of its kind.
"It will encourage Chinese companies to invest in multiple industries, leading to an improved quality of life for residents throughout Africa," he said.
The China-Africa Development Fund is a US5 billion fund in which the China Development Bank has invested US1 billion -- the fund's first phase of capital.
Since its establishment in June 2007, the fund has facilitated over 20 investments in Africa, amounting to nearly US400 million, the statement said.
"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 statement said.
Source : Sapa /jr/gj
Date : 16 Mar 2009 12:25
