China-Africa Development (CAD) Fund, an equity investment fund managed by China Development Bank, has invested in 90 projects in Africa involving 4.4 billion U.S. dollars, a senior fund manager said Wednesday.
As of the end of May, investments had been made in 36 African countries in the the areas of industrialization and infrastructure development, among others, CAD Fund Vice President Wang Yong said at a meeting held in the northeastern China city of Harbin.
The fund was set up by the Chinese government more than a decade ago to diversify the financial vehicles that facilitate Chinese investment in Africa. Its capital now stands at 10 billion U.S. dollars.
Wang said the fund, operating on market principles, has effectively linked Chinese companies with projects in Africa over the past decade.
"Many African countries still face challenges of capital shortage and poor infrastructure," Wang said. "China-Africa cooperation has great potential and a bright future."
China-Africa cooperation is a win-win situation and the role that the China-Africa Development Fund has played is "enormous", said Mbelwa Kairuki, Tanzanian ambassador in Beijing.
"Over the last ten years, the fund has been investing in different projects in Tanzania and other countries. These projects are very important for African people. It is very beneficial," he told Xinhua during the meeting.