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China central bank, AfDB sign $2 billion co-financing deal for Africa growth fund
May 22, 2014 / 3:22 PM / 3 years ago

China central bank, AfDB sign $2 billion co-financing deal for Africa growth fund

BEIJING, May 22 (Reuters) - 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. (Reporting by Paul Carsten Editing by Jeremy Gaunt)

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