China approves China-Africa development fund

时间：2007-05-15 01:33:58

（单词翻译:单击）

May 14 - The establishment of China-Africa Development Fund has been approved by the State Council, Gao Jian, vice1 governor of China Development Bank (CDB), said on Sunday.

 

CBD, as the main initiator of the fund, has drafted the plan on establishing the China-Africa Development Fund, Gao said while addressing the Development Finance and Sino-Africa Economic Cooperation Forum2.

 

According to the draft plan, the fund will start from one billion U.S. dollars, and then add up to three billion U.S. dollars in the second phase, until eventually amount to five billion dollars.

 

The business scope of the fund mainly includes equity3 and quasi-equity investment, fund investments, fund management, investment management and consulting services.

 

The fund will be used to support African countries' agriculture, manufacture, energy sector4, transportation, telecommunications, urban infrastructure5, resource exploration and the development of Chinese enterprises in Africa.

 

"The CDB attaches great importance to cooperation with Africa," Gao said. "We have sent eight working groups to Africa. This year, we plan to send another 18 working groups there."

 

Current loans outstanding of the CBD in Africa amounted to one billion U.S. dollars by the end of March, he said, adding the bank has been following the development of 30 projects in African countries, which involve three billion U.S. dollars.

 

The CDB is a development financial institution of the Chinese government. As of December 2006, the total assets of the CDB exceeded 295 billion U.S. dollars, with the balance of loans being 256 billion U.S. dollars, and the NPL ratio being 0.72 percent.

 
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1 vice NU0zQ     
n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的
参考例句：
  • He guarded himself against vice.他避免染上坏习惯。
  • They are sunk in the depth of vice.他们堕入了罪恶的深渊。
2 forum cilx0     
n.论坛，讨论会
参考例句：
  • They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
  • The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。
3 equity ji8zp     
n.公正，公平，（无固定利息的）股票
参考例句：
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。
4 sector yjczYn     
n.部门，部分；防御地段，防区；扇形
参考例句：
  • The export sector will aid the economic recovery. 出口产业将促进经济复苏。
  • The enemy have attacked the British sector.敌人已进攻英国防区。
5 infrastructure UbBz5     
n.下部构造，下部组织，基础结构，基础设施
参考例句：
  • We should step up the development of infrastructure for research.加强科学基础设施建设。
  • We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。

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