The People’s Republic of China joined the AfDB and the ADF in 1985. China contributes strongly to Africa’s deve-lopment and poverty reduction efforts. Its assistance to Africa is provided through the People’s Bank of China, the China Development Bank, the Export-Import Bank of China and China-Africa Development Fund.
China has expanded its investments in African countries in support of their economic growth and development. China has become Africa’s principal cooperation partner in such areas as trade, investment, infrastructural develop-ment and economic cooperation park. By the end of 2014, total investments in Africa reached US$101 billion and two-way trade reached US$221.9 billion. During the Forum on China Africa Cooperation (FOCAC) summit, China also pledged a US$ 60 billion package to implement a ten point cooperation plan with Africa.
In 1996, the Bank and China entered into a technical cooperation agreement (TCA) of US $2 million. A series of technical cooperation activities have been implemented in the areas of the environment and social safeguards agriculture, water and health and other activities are planned. Knowledge-sharing seminars as well as study tours to China have also been undertaken.
In 2008, the Bank signed Memoranda of Understanding (MoUs) with the Export-Import Bank of China (China Exim-bank) and with the China Development Bank (CDB). A MOU was also signed with the Agricultural Bank of China Limited (ABC) in 2011. The MOU’s promote co-financing, knowledge sharing and joint analytical work in the areas of trade finance, private sector, agribusiness and clean energy as well as to promote knowledge sharing and joint analytical work in priority areas. The Bank has also organized a Business Opportunity Seminar in Beijing in June 2009 for Chinese private sector and financial institutions.
In 2014, the Bank and China entered into a US $2 billion co-financing fund known as the Africa Growing Together Fund (AGTF). The resources from the AGTF are being used alongside the AfDB’s own resources to finance eligible sovereign and non-sovereign guaranteed development projects in Africa. The Africa Growing Together Fund (AGTF) will be jointly backed by the People’s Bank of China and AfDB to support sovereign and non-sovereign guaranteed development projects. The AGTF is a key instrument to accompany the Bank as it implements the Bank’s Ten Year Strategy (TYS) and the High 5s priority areas.
Mr. Hau Sing Tse
Mr. Wenzhong LIU
Ms. Caroline Manlan
Principal Cooperation Officer
Resource Mobilization & Partnerships Department