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


Appointment of Dr. Riek as FVP is welcome but...? 2016-02-13 13:18:16 By James Okuk “Geography has made us neighbors. History has made us friends. Economics has made us partners, and necessity has made us allies.” – President J.F. Kennedy. On Thursday February 11, (...)

Formation of “TGoNU” without Constitutional Amendment: Is it a right of necessity? 2016-02-09 20:30:29 By Mabor Maker Dhelbeny In its 55th Extra-ordinary Meeting, held on 30th – 31st January, 2016 in Addis Ababa, Ethiopia, the IGAD Council of Ministers in the communiqué on South Sudan: (1) (...)

Terrorism Tops African Summit Agenda: Lip service or strategic move? 2016-02-07 04:56:59 By Trayo A. Ali In Africa, terrorism is not only strategic threat to continent political security and destabilization, but more importantly it also constitutes fundamental challenge and eminent (...)


MORE






Latest Press Releases


Civil society group decries delay of S. Sudan transitional gov’t 2016-01-29 18:08:53 South Sudan Civil Society Alliance Date: 29.1.2016 For the immediate Release Press Release Following the passing of deadline of the formation of Transitional Government of National Unity in the (...)

Africa: Strengthen steps to end child marriage 2015-12-14 08:04:41 December 10, 2015 African governments should coordinate action to improve laws, education, health care, and public awareness to end the scourge of child marriage, Human Rights Watch said today (...)

Professor Akolda, it is too early for you to go 2015-12-06 06:36:15 I learnt from social media of the untimely departure of Professor Akolda Maan Tier on the 30th Nov 2015, whom I knew and admired, as one of the great, committed sons of both Sudans, who dedicated (...)


MORE

Copyright © 2003-2016 SudanTribune - All rights reserved.