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Meridian Institute

Fund Sets New Aims for Africa

Summary posted by Meridian on 4/16/2012

Source: China Daily (13 April 2012)

Author(s): Ding Qingfen

Following a capital injection of US$2 billion, the China-Africa Development Fund is shifting the focus of its investment strategy to concentrate more on African infrastructure, manufacturing, and agriculture, says Hu Zhirong, vice-president of the fund. The China-Africa Development Fund was established in 2007 with capital provided by the China Development Bank. According to China’s ministry of commerce, Chinese direct investment in Africa increased last year by 59 percent, as compared to the year before, to US$1.7 billion. China is estimated to still contribute only about 2 percent of the total annual foreign direct investment in Africa, which is thought to amount to US$80 to $90 billion. The article can be viewed online at the link below.

The original article may still be available at http://usa.chinadaily.com.cn/2012-04/13/content_15041592.htm

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