China-Africa Fund Starts with US＄ 1 Billion
China Development Bank (CDB) has launched the China-Africa Development Fund, fulfilling a promise made by President Hu Jintao during a China-Africa summit last November. With an initial US＄ 1 billion for its first phase, the fund is designed to help finance Chinese firms investments and projects in more than 50 African countries, according to Gao Jian, fund chairman and CDB vice governor.
The treasure chest is expected to swell to US＄3 billion in its second phase and eventually reach US＄5 billion. Gao said the fund, which CDB will finance independently, will focus on areas important to the development of Africa. Everbright Bank was appointed custodian for what is now Chinas largest equity fund.