China Africa Development Fund Grants $90M

June 9, 2009 |

China’s CAD Fund has granted six investment projects involving more than $90 million since it was established in June last year. The China-Africa Development Fund, however, is primarily aimed at supporting Chinese Enterprises operating in Africa.

The fund focuses investment in agriculture, manufacturing, infrastructure, natural resources exploration and industrial parks in African countries in order to enhance local sustained development.

“For instance, the glass plant project in Ethiopia where the CAD Fund holds 40 percent shares is expected to end Ethiopia’s history of incapability of producing glasses,” Chi said.

The CAD Fund is one of eight measures for China-Africa practical cooperation announced by President Hu Jintao at the Beijing Submit of the Forum on China-Africa Cooperation in November 2006. As an equity investment fund, it aims at supporting Chinese enterprises in expanding their investment in African countries.

From China Daily

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About the author: Jonathan Gosier is a software developer, writer and social entrepreneur. He currently lives in Kampala, Uganda where he incubates and invests in East African entrepreneurs as the CEO of Appfrica Labs. He's also a TED Fellow.

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