China- Africa Development Fund
China and Africa friendship is embedded in the long history of interchange. Sharing similar historical experience, China and Africa have all along sympathized with and supported each other in the struggle for national liberation and forged a profound friendship.
On March 14, 2007, the Chinese government approved the establishment of the China Africa Development Fund (CAD Fund) with the first phase funding provided by China Development bank.
CAD Fund works differently from economic aid to Africa, as it’s not allocated by nation but independently operated and based on market economy principles.
(CAD Fund) Activities:
CAD Fund centralizes its investment in industries with an intention to improve African people’s living conditions and promote economic development of Africa.
The priority is given to some industries, like: Agriculture & Manufacturing industries, Infrastructure & underlying industries (such as: electric power, transportation, telecommunications and urban water supply), Natural resources (such as: Oil, Gas) and Industrial Parks set up by Chinese enterprises in Africa.
The CAD Fund represents a symbol of upgrading and boosting the economic, political and social relations between China and Africa. It results in mutual benefits for both nations.