Source: Xinhua

SHANGHAI -- The establishment of China-Africa Development Fund has been approved by the State Council, Gao Jian, vice governor of China Development Bank (CDB), said here Sunday.

CDB, 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 Forum.

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

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

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Posted by pichu at May 14, 2007 3:42 PM