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China has been a long-standing Bank partner. It became a member of the African Development Fund (ADF) and African Development Bank in 1985. China has supported the concessional funding base of the institution over the years and was the 13th largest contributor to ADF-14. China has expanded its investments in African countries to support their economic growth and development and has become its principal cooperation partner in trade, investment, infrastructural development and economic cooperation. During the Forum on China Africa Cooperation summit in 2015, China pledged a US $60 billion package to implement a ten-point cooperation plan with Africa.
The Bank has signed MOUs with the Export-Import Bank of China, China Development Bank (CDB) and the Agricultural Bank of China. These MOU’s promote co-financing, knowledge sharing and joint analytical work in trade finance, the private sector, agribusiness and clean energy, and also promotes knowledge sharing and joint analytical work in priority areas.
China and the Bank Group established the Africa Growing Together Fund (AGTF), which became operational in November 2014 with an envelope of US $2 billion for 10 years. These resources are being used alongside the Bank’s own resources to finance eligible sovereign and non-sovereign guaranteed development projects in Africa. The People’s Bank of China and the Bank will jointly back the AGTF to support sovereign and non-sovereign guaranteed development projects. The AGTF is a key instrument to accompany the Bank as it implements its Ten Year Strategy and High 5s priority areas.