China-Africa Development Fund Opens First Office in Africa

16 Mar 2009 11:15 Africa/Lagos

China-Africa Development Fund Opens First Office in Africa

JOHANNESBURG, March 16/PRNewswire/ --


- Major Step for Sino-African Cooperation


The China-Africa Development Fund (CADFund) opened the first representative office in Johannesburg, South Africa today. The Fund will boost economic development in Africa by encouraging investment by Chinese enterprises. Its creation stems from President Hu Jintao's pledge at the China-Africa Cooperation summit in 2006.


According to Chen Yuan, Chairman of the Board of the China Development Bank, the Fund is the first of its kind. It will encourage Chinese companies to invest in multiple industries, leading to an improved quality of life for residents throughout Africa.


The China-Africa Development Fund is a 5 billion US Dollar fund. The China Development Bank invested $1 billion, which is the fund's first phase of capital. Since its establishment in June 2007, the CADFund has facilitated over 20 investments in Africa, amounting to nearly 400 million US Dollars.


Several high-level Chinese and South African government officials and business leaders attended the office opening ceremony, including African National Congress president Jacob Zuma, China Development Bank Chairman Chen Yuan, CADFund CEO Chi Jianxin, and Zhong Jianhua, China's Ambassador to the Republic of South Africa. In total, over 300 guests were present at the event.


The creation of the China-Africa Development Fund's Representative Office in South Africa is a further step to help facilitate CADFund's investments in Africa. The CADFund aims to establish Representative Offices throughout Africa in the future to further promote economic cooperation between China and Africa and to bring about mutual benefits.


About the China-Africa Development Fund:


The China-Africa Development Fund (CADFund) is a US$5 billion equity investment fund in China focusing on investments in Africa. Established on June 26, 2007, with initial funding of US$1 billion from the China Development Bank, CADFund operates independently and assumes sole responsibility for its profits and losses. Among the investments concluded by CADFund: cotton planting and processing facility in Malawi, 560,000kW scalable power station in Ghana, glass factory in Ethiopia, Egyptian Suez Trade Park, and Nigerian Lachish Trade Zone.



For more information, please contact:

Maria Guimaraes
Ogilvy Public Relations Worldwide Beijing
Email: Maria.guimaraes@ogilvy.com
Tel: +86-10-8520-3094

Mikko Lan
Ogilvy Public Relations Worldwide Beijing
Email: Mikko.lan@ogilvy.com
Tel: +86-10-8520-6560




Source: The China-Africa Development Fund

Maria Guimaraes of Ogilvy Public Relations Worldwide Beijing, Maria.guimaraes@ogilvy.com, or +86-10-8520-3094; or Mikko Lan of Ogilvy Public Relations Worldwide Beijing, Mikko.lan@ogilvy.com, or +86-10-8520-6560


12 Mar 2009
13:30
IPC The Hospitalist Company Presents IPC Hospitalist of the Year Award to Tim Osonma, M.D.