China Central Bank, AfDB sign $2 billion co-financing deal for Africa Growth Fund
23 May 2014, 08:08
Beijing - China's central bank and the African Development Bank Group on Thursday signed a $2 billion co-financing cooperation agreement for the African Common Growth Fund, the People's Bank of China said in a statement on its website on Thursday.
The fund will provide co-financing to sovereign and non-sovereign guaranteed projects over the next 10 years to support African infrastructure and industrial development, the statement said.
The establishment of the fund will further deepen China-Africa financial cooperation to support Africa's long-term development, the statement said.