People's Bank of China launches $2 billion Africa Growing Together Fund (AGTF) with African Development Bank

People's Bank of China launches $2 billion Africa Growing Together Fund (AGTF) with African Development Bank On 22 May 2014, African Development Bank (AfDB) and the People's Bank of China (PBOC) signed an agreement for the Africa Growing Together Fund (AGTF).

The purpose of this $2 billion loan facility was to finance mega projects in Africa over the following decade (2014-2024). The AGTF is sponsored by the PBOC and the administered by AfDB.

An AfDB official stated that the fund will specifically target projects $200 million or more and provide loans on identical conditions as loans provided by AfDB.

The known sub-projects are as follows: 1) $50 million USD for Nigeria Electrification Project (see Record ID#85217) 2) 43.36 million EUR for Morocco Water Supply Project (see Record ID#56383) 3) $50 million USD loan for Chinsali-Nakonde Road in Zambia (see Record ID#87029) 4) $44.29 million USD for Tanzania Bus Rapid Transit System (see Record ID#87022) 5) $50 million USD for Sharm El-Sheikh Airport in Egypt (see Record ID#87019) 6) $50 million USD for Rwanda Sustainable Water Supply and Sanitation Program (see Record ID#87019) 7) EUR 44.8 million loan for Infrastructure Sector Support Project - Phase I (PASIG-1) (see Record ID#91903) 8) EUR 32.1 million loan for First Libreville Integrated Drinking Water Supply and Sanitation Sub-Programme (PIAEPAL) (see Record ID#91904) 9) EUR 10 million loan for 34.1MW Kinguele Aval Hydropower Plant Project (see Record ID#91905) 10) $50 million loan for Energy Sector Efficiency and Expansion Programme Phase I (ESEEP I) (see Record ID#91945) 11) EUR 43.2 million loan for Phase 1 of Thwake Multi-purpose Water Development Program (see Record ID#89447) 12) $50 million loan for Msalato International Airport Construction Project (see Record ID#92676) 13) $40 million loan for Transmission System Reinforcement and Last Mile Connectivity Project (see Record ID#101901)