http://en.people.cn/business/n/2015/0702/c90778-8914852.html
China's Africa equity fund to reach 5 bln USD in 2015
(Xinhua) 18:02, July 02, 2015
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ADDIS ABABA, July 2 -- China Africa Development Fund (CAD Fund), an
equityinvestment fund managed by China Development Bank, is to reach
its full size of fundingof 5 billion U.S. dollars this year, the
fund's new-coming president said Wednesday.
CAD Fund President Shi Jiyang revealed the information at a press
briefing after a two-day African investment workshop hosted by the
World Bank, China Development Bank,among others in the Ethiopian
capital.
"As the new president, my priority is to secure the funding of the
extra 2 billion U.S.dollars," Shi said, adding that the fund will then
be able to progressively invest in projects,particularly those have
the potential spur manufacturing growth at a continent that
stillrelies heavily on raw resource export to sustain the economy.
CAD Fund was set up in 2007 to diversify the financial vehicles that
facilitate Chineseinvestment to Africa. China Development Bank
provided the initial seeding fund of 1billion U.S. dollars before
chipping in another 2 billion U.S. dollars in 2012.
So far, the fund has invested 2.3 billion U.S. dollars in 80 projects
ranging frominfrastructure, manufacturing, agriculture, power
stations, power transmission toindustrial zones in more than 30
African countries.
Shi said he was approached by the Ethiopian government to invest in a
huge industrialpark in planning that can cover up to 80 square
kilometers and is strategically located nearthe railway.
"We have confidence in Africa, especially Ethiopia, which has all the
fundamentals forsuccess," said Shi as he expelled out the factors of
population, location, and strong politicalties with China. Already,
CAD Fund has invested in two manufacturers located in AddisAbaba's
Eastern Industrial Park including a shoemaker that employs 3,500 local
workersand produces 2 million shoes a year.
Received on Thu Jul 02 2015 - 17:22:34 EDT