The Bank of Africa Group (BOA) and the Sino-African Development Fund CADFund on Friday signed a partnership agreement at a video conference aimed at financing Chinese investments in Africa. In this agreement, which was published by the President of the Bank of Africa, Ottoman Bengalu and the President of CADFund, Song Lei, confirms the main role played by the Bank in the economic rapprochement between China and Africa. “This is a promising collaboration aimed at financing Chinese investments in Africa through the establishment of joint ventures or by direct bank financing by relying on the group’s large African network.” Same source, adding that both sides are committed to leveraging their respective control over the Chinese and African markets to create value for their customers and partners, the MAP reports.
This partnership is also intended to promote, facilitate and fund Chinese companies interested in establishing themselves in the city of Muhammad VI, Tanger Tech. For productive investment in Africa.
“Through this agreement, BOA further strengthens its strength in the Chinese financial market and establishes itself as an economic partner selected in bilateral cooperation between China and Africa,” the statement said, noting that as part of the Sino-African cooperation, several areas of cooperation between the Bank of Africa were recently deployed. To high-level Chinese institutions, including the opening of a branch of the group in Shanghai.
The establishment of the CADFund in June 2007 is one of eight steps announced by the Government of the People’s Republic of China to implement pragmatic cooperation with Africa at the summit of the China-Africa Cooperation Forum in 2006.
Since its inception, CADFund has vigorously encouraged Chinese business investment in Africa, played an important role in building infrastructure, technological advancement, export earnings and employment in host countries, and encouraged African economic and social development and competition in the global economic landscape.