China Development Bank invests billions in Africa

China Development Bank (CDB), the country's largest policy lender, has invested at least 2.4 billion U.S. dollars in African infrastructure and commercial projects, the bank's president Zheng Zhijie said Tuesday. The China-Africa Development Fund has financed mineral resources, machinery manufacturing, power generation, agricultural and infrastructure projects in more than 30 African countries, Zheng told a China-Kenya investment forum. The fund, a wholly-owned subsidiary of CDB and an Africa-dedicated fund, was set up in 2007. The projects are estimated to bring at least 10 billion U.S. dollars of Chinese investment to Africa. With stronger bilateral ties, Kenya has become an important partner in east Africa for China, he said. CDB's outstanding loans to Africa have totaled 18.9 billion U.S. dollars, of which 250 million U.S. dollars have been for infrastructure projects, the financial sector and small businesses in Kenya. Zheng said the bank's fund has helped spread the use of digital television in Kenya. It is possibly looking to fund hydro-power, thermal-power and development park projects, as well as opening a representative office in Kenya in the future.