Monday, April 27, 2009

China's billion-dollar Africa investment fund opens local office

The billion-dollar China-Africa Development Fund opened its first Africa office in Johannesburg on Monday.

Chinese President Hu Jintao announced the creation of the 5-billion-dollar fund in 2006 to support Chinese investment in Africa, which supplies China with oil and other commodities.

South Africa's leading candidate for president in April elections, Jacob Zuma, attended the opening, together with Chen Yuan, the chairman of the Chinese Development Bank, and other Chinese officials.

'The fund will boost economic development in Africa by encouraging investment by Chinese enterprises,' the Fund said in a statement.

Since its establishment in 2007, the fund has facilitated over 20 investments in Africa, amounting to nearly 400 million dollars, the statement added.

The Chinese Development Bank has seeded it with 1 billion dollars.