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China Development Bank sees funding for Africa exceed 50 bln USD

 

(EBC; September 25, 2018)- China Development Bank (CDB), the world's largest development finance institution, has so far channeled more than 50 billion U.S. dollars of investment and financing for African nations.

The funds went to nearly 500 projects in 43 African countries, according to Liu Yong, CDB spokesperson and chief economist.

The bank's long-term and large-sum funding supported the development of local infrastructure, energy, mining, telecom, manufacturing and social welfare sectors, Liu said.

The scale of the China-Africa Development Fund, an equity investment fund managed by the bank, has exceeded 10 billion dollars.

The fund has committed 4.6 billion dollars of investment for over 90 projects in 36 African countries, with actual investment exceeding 3.3 billion dollars. It has driven more than 23 billion dollars of investment from Chinese enterprises, according to Liu.

Source: Xinhua