The China-Africa Development Fund pledged a second installment of USD300m for projects in African states, Reuters reports.
The fund was set up in 2007, with an initial investment of USD1 bn
financed by the China Development Bank, and is planned to grow to USD5
bn, Reuters quotes Hu Zhirong, the Vice-President of the China-Africa
Development Fund. Hu said that there are plans to invest USD300m in
Africa during 2008, but it was not specified in which countries and
industries the financing would be channelled.
So far, the fund has invested USD60m in a glass factory in Ethiopia, a
power station in Ghana and a chrome plant in Zimbabwe. Hu also said
China prefers direct investments in Africa over government aid and
concessionary loans, as this "is the best way to aid the continent in creating wealth".
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