The Bank of Africa (BOA) group and the China-Africa Development Fund CADFund are now linked by a partnership agreement aimed at co-financing Chinese investment in Afriq.
A statement from the BOA Group, indicates that this agreement, initialed by the president of Bank Of Africa, Othman Benjelloun, and the president of CADFund, Song Lei, confirms the major role played by the Bank in the economic rapprochement between China and the ‘Africa.
For BOA, “this is a promising cooperation aiming to co-finance Chinese investment in Africa, either by setting up joint ventures or by direct bank financing by relying on the Group’s large African network. “.
Under the terms of this agreement, the two parties undertake to capitalize on their respective mastery of the Chinese and African markets to create value for their customers and partners.
This partnership also aims to promote, facilitate and co-finance Chinese companies wishing to set up in the city of Mohammed VI Tanger Tech, the press release said, noting that CADFund has a financing capacity of 10 billion US dollars (USD ), exclusively dedicated to productive investment in Africa.
“Through this agreement, BOA further strengthens its power in the Chinese financial market and establishes itself as an economic partner of choice in Sino-African bilateral cooperation,” said the statement, noting that within the framework of Sino-African cooperation, several matters of cooperation between Bank of Africa and high-level Chinese institutions were recently deployed, including the opening of a branch of the Group in Shanghai.
Note that the creation of CADFund in June 2007 is one of the eight measures announced by the government of the People’s Republic of China to implement pragmatic cooperation with Africa at the Beijing Summit of the China Cooperation Forum. Africa in 2006.