Some $70-billion will head to African shores over the next seven years for infrastructure development as a Chinese development fund shifts its focus from mining to essential infrastructure development.
The China–Africa Development Fund (CADFund) has invested some $30-billion in 85 projects in 34 African countries over the last eight years, says China Overseas Infrastructure Development & Investment Corporation Africa manager Nicholas Mitsos.
The Beijing-based CADFund aims to help unlock the $100-trillion-plus savings in Organisation for Economic Cooperation and Development (OECD) member States.
The key, Mitsos noted, was to tap into these potential funds to accelerate infrastructure development on the continent.
He noted that OECD countries were unlikely to invest in or fund risky, early-stage projects, but would invest in “ready-to-go”, completed, viable infrastructure projects.