China Development Bank invests US$2.4 billion in African infrastructure

Investments are in over 30 African countries.

Bank president Zheng Zhijie said the China-Africa Development Fund has financed mineral resources, machinery manufacturing, power generation, agricultural and infrastructure projects. China Development Bank is China’s largest policy lender.

The fund, a wholly-owned subsidiary of CDB, was set up in 2007. Its projects are estimated to bring at least US$10 billion in Chinese investment to Africa.

CDB's outstanding loans to Africa have totaled US$18.9 billion, of which US$250 million have gone to infrastructure projects, the financial sector and small businesses in Kenya.

Zheng said the bank's fund has helped spread the use of digital television in Kenya. It is looking to fund hydropower, thermal-power and development park projects.