Chinese government establishes the China-Africa Industrial Capacity Cooperation Fund (Linked to Record ID#87034, #87033)

During the 2015 Forum on China-Africa Cooperation in Johannesburg, President Xi Jinping announced his intent to establish the China-Africa Industrial Capacity Cooperation Fund (CAICCF).

In January 2016, the People's Bank of China announced that the registration procedures were complete so the special fund was ready to begin operations. Its start-up capital was $10 billion USD.

CAICCF-- jointly funded by Wutong Tree Investment Platform Company, a subsidiary of the State Administration of Foreign Exchange (80% stake) and China Eximbank (20% stake)-- offers equity, debt, and loan financing for development projects in Africa.

The purpose of this "market-oriented fund" is to invest in Africa's manufacturing, communications, technology, agriculture, energy, mining, and infrastructure sectors. Kenya, Ethiopia, Tanzania, and the Republic of Congo were the pilot demonstration countries. As of January 2018, the CAICCF approved 10 projects with a total investment of 1.07 billion USD.

In October 2018, the Chairman of CAICCF was quoted saying that, "So far, we have invested in 12 projects in Africa, with a total amount of $1.4 billion." Moreover, the Chairman said they target "projects with good expected returns".

The known sub-projects are as follows: 1) Unknown amount for the Ethiopia Poly-GCL Oil and Gas Project (see Record ID#87034) 2) $40 million USD for Phase I of the Angola Aluminum Profile Factory Project (see Record ID#87033)