Africa fund intends to raise $2b in 2014

UK Zambians | 31 December 2013

The China-Africa Development Fund will work with Shanxi Tianli Enterprise Group Corp to finance a $60 million cotton planting project in Madagascar next year. The fund and China Development Bank will inject $12 million and more than $20 million, respectively, into this project. The rest will be raised by Shanxi Tianli.
 The China-Africa Development Fund, the nation’s largest equity fund focused on African investments, will raise another $2 billion in 2014 to boost the continent’s agricultural and steel sectors and upgrade its industrial development.
Chi Jianxin, president of the fund, said China has been looking to invest in different ways in Africa instead of focusing only on building infrastructure projects such as roads, bridges, ports and cement plants.
The fund became operational in 2007, with a target of raising $5 billion. It raised an initial $1 billion, with a second tranche of $2 billion being contributed by the China Development Bank in 2012.
“With a large number of young workers and abundant natural resources, African countries have good opportunities to capitalize on high prices of international agricultural products and commodities,” Chi said…

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s