China Eximbank establishes USD 5 billion Special Fund for Financing Imports from Africa

In February 2019, China Eximbank officially established a USD 5 billion special fund for financing imports from Africa.

The purpose of this special fund is to provide financial support to Chinese companies so they can import goods and services from African manufacturers.

The purpose of this special fund is to rebalance trade between China and Africa, support the construction of manufacturing facilities in Africa, and aid the development of industrial parks in Africa. According to a January 2020 article, the special fund had officially entered the implementation stage.

In March 2020, China Eximbank's Liaoning Branch opened an RMB 341 million line of credit to the Bank of Dalian for importing crude oil from Africa.

In May 2020, the Liaoning Branch opened another line of credit worth RMB 311 million to Hengli Petrochemical (Dalian) Refinery Co., Ltd. for importing crude oil from Africa.

As of May 2020, the Liaoning Branch had accumulated a total of RMB 652 million in special funds for import trade financing from Africa, and completed the annual plan of USD 80 million.

Also in May 2020, China Eximbank's Fujian Branch and Fujian Liju Logistics Co., Ltd. signed the "Cooperation Agreement on Supporting Imports from Africa" as well as letters of credit and a foreign exchange settlement. The Fujian Branch set a quota for USD 64 million for the Special Fund for 2020.