Jan. 22, 2010 (China Knowledge) - China Africa Development Fund has invested nearly US$540 million in 27 projects in Africa as of today, China's Ministry of Commerce said on Tuesday.
The fund, backed by China Development Bank, was launched in 2007 with an initial capital of US$1 billion. It finances Chinese firms that are already operating in Africa and provide financial advice to potential investors.
The ministry reiterated in a statement posted on its website that the size of the fund will be increased to RMB 3 billion, but no specific timeframe was given.
Chinese government's ultimate goal is to raise US$5 billion for the funds when more investors are on board.
The investment would go to housing, urban infrastructure, water conservation and industrial park projects and the development of power, construction material, infrastructure and mining industries in Africa, according to an earlier report from China Knowledge.
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