| China Invests 90mln.USD in Four African Projects |
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| Monday,January 21,2008 Posted: 19:44 BJT(44 GMT) |
| From:ECCOE, China Embassy Article type:Redistributed |
The China-Africa Development Fund, a government-backed institution to help Chinese firms invest in Africa, launched on 16 January, 2008 its first investment plan, pumping 90 million US dollars into four projects on the continent.
The fund, financed by policy lender China Development Bank, was unveiled in June, 2007, honouring a promise made by Chinese President Hu Jintao at a summit with African nations in Beijing in November 2006.
In one of the four projects, the fund will work with Shenzhen Energy Investment Co., Ltd. to finance a power station in Ghana, the fund said in a statement.
Another of the projects will fund a glass factory in Ethiopia, and a third will support a joint venture ferrochrome plant being built by state-owned Sinosteel in Zimbabwe, it added.
The fourth will help China National Building Material Co invest in cement and glass production facilities around Africa.
The fund has initial capital of one billion USD which will eventually expand to five billion.
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