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The China-Africa Development (CAD) Fund invested a total of US$4bn in Africa as of the end of November 2016, Chinese authorities said last week
The equity investment fund managed by China Development Bank, the China Africa Development Fund (CAD Fund) told the media on 14 December that the fund had invested a total of US$4bn by the end of November 2016, since its establishment in 2007.
Since it started, the fund has investment in 88 projects across 37 African countries. These projects cover all kinds of sectors, from infrastructure to manufacturing, to energy and mineral resources. Wang Yong, vice president of the fund, delivered the figures at a business partnership event attended by Chinese and African firms in Guangzhou, South China's Guangdong Province.
Wang Yong also stated that in addition to the funds financial backing, the projects have attracted an additional US$17bn in enterprise investments and bank loans across Africa. He said that one dollar of CAD fund investment attracts five more dollars from other Chinese investment.
The initial seed fund of US$1bn was used by the CAD Fund to set up diversify financial vehicles to facilitate Chinese investment in Africa. The fund mainly focuses on long-term investment projects.