China unveils $1bn Africa fund

BEIJING – China launched a US$1bn fund yesterday to finance trade and investment by Chinese companies in Africa as part of efforts to nurture commercial ties with the resource-rich continent.

Plans for the China-Africa Development Fund were announced in May at a Shanghai meeting of the African Development Bank following Chinese pledges of aid and loans to Africa. The fund is to be financed by the government’s China Development Bank, which said it eventually will expand to US$5bn.The fund was launched at a ceremony in the Great Hall of the People, the seat of China’s legislature in central Beijing.China has been promoting itself as a partner for Africa’s development as Beijing tries to secure oil and other resources for its booming economy.But it faces complaints that it is treating Africa as a colony and that it supports oppressive regimes.Nampa-APThe fund is to be financed by the government’s China Development Bank, which said it eventually will expand to US$5bn.The fund was launched at a ceremony in the Great Hall of the People, the seat of China’s legislature in central Beijing.China has been promoting itself as a partner for Africa’s development as Beijing tries to secure oil and other resources for its booming economy.But it faces complaints that it is treating Africa as a colony and that it supports oppressive regimes.Nampa-AP