Home | News    Monday 26 May 2014

AfDB and China sign $2 billion fund deal

separation
increase
decrease
separation
separation

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.

(ST).

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


The looming crisis of constitutional legitimacy in South Sudan 2015-01-27 09:27:20 By Luka Biong Deng The way government gets legitimacy has been at the centre of political inquiry. As political legitimacy is seen as individuals’ voluntary consent to be governed by the (...)

Stocktaking the path of the 59th anniversary of Sudan’s independence 2015-01-25 08:33:41 By Mahmoud A. Suleiman January 24, 2014 - The primary purpose of this article, besides highlighting on the Sudanese Independence Day, is the following up the events that accompanied the years (...)

Critique of SPLM reunification agreement in Arusha 2015-01-23 06:33:49 By James Okuk January 23, 2014 - The Agreement on the Reunification of the SPLM that was signed in January 21, 2015 in Arusha, Tanzania, suggests three problematic tends despite the fact that it (...)


MORE








Latest Press Releases


Sudan’s Security Services raid and order closure of Mahmoud Mohamed Taha Cultural Centre 2015-01-24 03:41:41 African Centre for Justice and Peace Studies (23 January 2015) At 11am on 18 January, the National Intelligence and Security Services (NISS) of Omdurman, Khartoum state, raided the Mahmoud (...)

Women groups announce their support for Sudan Call 2015-01-17 08:34:07 Position Statement from the Women’s Political Forces and Civil Society organizations and Groups on the Sudan Call To the People of Sudan We, the undersigned women, are fully motivated by our (...)

Norway grants US $1.9 million for humanitarian needs in Darfur 2014-12-16 06:47:08 The United Nations World Food Programme (WFP) - KHARTOUM Norway helps provide nutritious food to malnourished families in Sudan 14 December 2014 KHARTOUM – The United Nations World Food Programme (...)


MORE

Copyright © 2003-2015 SudanTribune - All rights reserved.