Home | News    Monday 26 May 2014

AfDB and China sign $2 billion fund deal


May 25, 2014 (KIGALI) – The African Development Bank (AfDB) and China have sealed a $2 billion co-financing fund, which seeks to mobilise resources to enhance development within Africa.

JPEG - 32.3 kb
Zhou Xiaochuan, Governor of the People’s Bank of China (L) and African Development Bank Group’s president Donald Kaberuka after the signing of the fund in Kigali, Rwanda, May 22, 2014 (AfDB photo)

Under the 10-year Africa Growing Together Fund (AGTF) project, resources will be provided and used alongside the AfDB’s own reserves to finance eligible development initiatives.

“The AGTF marks an important milestone in the long-standing relationship between China and the African Development Bank Group in particular and Africa in general”, said Donald Kaberuka, the president of AfDB Group in Kigali, Rwanda.

“It will operate within the strategic framework, policies and procedures of the AfDB, including its integrated safeguards, thereby leveraging on the bank’s strengths”, he added.

The AGTF will be immediately established, and is expected to be used to co-finance some projects before the end of this year, officials disclosed in Kigali last week.

Zhou Xiaochuan, Governor of the People’s Bank of China, acknowledged the AfDB’s work over the last 50 years, and the great strides it has made in promoting growth and alleviating poverty.

“The AfDB’s rich experience, convening power and strong results-oriented culture made the Bank China’s ideal partner for channeling resources in support of long-term growth and development on the continent”, Xiaochuan remarked.

Meanwhile, the AfDB’s chief finance officer said the AGTF will enable an additional $200 million in more or larger-sized projects annually throughout Africa, on identical terms and conditions as for loans made by the AfDB itself to the same projects.

“This builds on the success of similar instruments such as the Nigeria Trust Fund, which has been in operation for close to 40 years”, remarked Charles Boamah.

“We hope that this model will be replicated with many more regional as well as non-regional member countries of the AfDB”, added Boamah.


Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.

Comment on this article


The following ads are provided by Google. SudanTribune has no authority on it.

Sudan Tribune

Promote your Page too

Latest Comments & Analysis

Why the order establishing 28 states should be nullified 2015-10-04 10:29:29 By James Okuk On Friday 2nd October 2015 in Juba and quoting as usual Article 101 of Transitional Constitution of South Sudan (2011), President Salva Kiir Mayardit issued “Establishment Order (...)

Who to benefit from the Somaliazation of South Sudan? 2015-10-01 19:01:51 By Steve Paterno The question above is becoming more prevalent now more than ever, with the "imposition of peace agreement", (to borrow Riek Machar's phrase), along with President Salva Kiir's (...)

Lessons of Maridi fuel tanker “tragic incident” 2015-09-26 15:10:10 By Isaac Yak R. Tutdel The Republic of South Sudan, on 17th September 2015, learned with great dismay the massive loss of lives caused by fuel tanker which overturned and unexpectedly caught (...)


Latest Press Releases

Sudan Democracy First Group Statement on The International Day for Democracy 2015-10-01 22:18:58 22 September 2015 Sudan Democracy First Group (SDFG) commemorated on 15 September 2015 the International Day for Democracy, which the United Nations (UN) marks as a day to encourage governments (...)

Ambassador Buay congratulates South Sudanese diplomats for blocking sanctions 2015-09-19 00:20:30 SOUTH SUDAN DIPLOMATS IN MOSCOW SHOULD BE CONGRATULATED FOR PERSUADING THE FEDERATION OF RUSSIA TO BLOCK SANCTIONS For Immediate Release 9/18/2015 The people of South Sudan are extremely (...)

HRW urges African Union and United Nations to protect civilians in Darfur 2015-09-10 07:10:11 Sudan: Special Force Rampages in Darfur UN, AU Should Urgently Increase Civilian Protection (New York, September 9, 2015) – A Sudanese government special force has gone on two sprees of killings (...)


Copyright © 2003-2015 SudanTribune - All rights reserved.