BEIJING, (Xinhua) --
Over the past 10 years, a Chinese development fund
has invested billions of dollars in Africa.
chairman of the China-Africa Development Fund, told Xinhua in an
interview that the fund has 4.5 billion U.S. dollars to invest in 91
projects in 36 countries, with more than 3.2 billion dollars having
already been invested.
completion of all projects, the fund will channel more than 20
billion dollars from Chinese companies into Africa,” Chi said.
Chinese companies in Africa, the fund was set up in 2007 following
the 2006 Beijing Summit of the Forum on China-Africa Cooperation.
scale of the fund was 5 billion dollars, and the total was expanded
to 10 billion dollars in 2015. It has invested in fields including
infrastructure, production capacity cooperation and agriculture.
completion, the projects will produce 11,000 trucks, 300,000
air-conditioners, 540,000 refrigerators, 390,000 televisions and 1.6
million tonnes of cement each year, raising Africa’s exports by 2
billion dollars and taxation income by 1 billion dollars every year,
from aid or loans, the fund guides more capital into Africa with its
own investment,” he added.
approach has been welcomed, as it allows countries to push forward
the projects without any increase in debt burden and raises their
own development capacity, Chi said.
In past few
years, Africa has been generally political stable with fast economic
growth, more urban residents and middle-class consumers, and a
rising appetite for consumer goods.
countries enjoy geographical advantages, low labor cost and a good
trade environment. They are well-positioned for international
infrastructure, manufacturing and agricultural fields have continued
sound development and have huge potential, so we are upbeat about
prospects,” he said.
plans to make more investment and direct more capital into Africa
under the Belt and Road Initiative and Chinese policies on
international production capacity and equipment manufacturing
process, the fund has taken an open attitude toward the cooperation
with non-African countries and international organizations, as it
sees supporting African development as “the joint responsibility of
the international community,” Chi said.
The fund has
reached agreement with the Bill & Melinda Gates Foundation on
investment in agricultural and pharmaceutical sectors, and signed
memorandum of understanding on investment and exports with the UK
Department for International Cooperation.
It is also
exploring cooperation with other partners, including the World Bank,
the United Nations Industrial Development Organization and the
African Development Bank.
In this way,
the fund not only invests in Africa, but also helps African products
meet the demands of the global market, which will in turn create
jobs and expand exports, Chi said.