China-Africa Development Fund
Founded | June 26, 2007[1] |
---|---|
Headquarters | Beijing, China |
Area served | China, Africa |
Key people | Zhao Jianping (Chairman) Chi Jianxin (President) |
Website | www.cadfund.com |
The China-Africa Development Fund (Chinese:
History
[edit]The creation of
Investments
[edit]The investment mechanism of the China-Africa Development Fund operates primarily through the following processes: adhering to the principle of marketization, the Fund independently selects investment projects based on the investment policy set by the board of directors; It autonomously decides whether to invest and determines the scale of investment in line with the relevant investment decision protocols, aiming for long-term returns. Investments are allocated based on project merit rather than by country; the primary recipients of support are Chinese enterprises engaged in economic and trade activities in Africa or projects funded by these enterprises; targeted sectors include those crucial to the economic recovery and development of African countries, such as agriculture, manufacturing, and infrastructure that directly impacts people's livelihoods.[4]The Chinese government has also implemented several preferential policies for the China-Africa Development Fund, including exemptions from corporate income tax on earnings generated from investments in Africa.[5]
As of 2010 the fund had invested in 30 projects in Africa worth around US$800 million. In 2009 alone, the fund invested US$140 million of China's total US$1.3 billion invested in Africa that year.[2] The fund primarily focused on industrial development. For example, in 2010 it teamed up with several partners by contributing 382.5 million ZAR into a 1.65 billion ZAR investment by Jidong Cement to build a cement plant in Limpopo, South Africa.[6]
The fund has also participated in acquiring natural resource assets by forming a joint venture with China National Nuclear Corporation (then China Guangdong Nuclear Power Group) to acquire most of the Husab Mine for US$996 million in February 2012.[7]
The fund made a rare move in media in December 2013 when it was the financial partner in the acquisition of 20% of Independent News and Media SA, a newspaper publishing house in South Africa, for 400 million ZAR.[8]
Examples of other equity investments
[edit]- China-Africa Xinyin Investment (35%)
- Huayou Cobalt (SSE: 603799, 7.59%)[9]
- Africa World Airlines[10]
Grants and other activities
[edit]The China Africa Development Fund provides support in connection with the overseas special economic zones that Chinese enterprises have established in Africa.[11] Although the Chinese government generally takes a hands-off approach to the development of these zones, leaving it to Chinese enterprises to work with host countries to establish them, the
Specific current involvement
[edit]The
The
The Cad Fund's main investment in Ghana are power plant construction and developments. Most notable is the Asogli power plant in Tema.[14] This plant is the first private owned electricity producing plant in Ghana, using natural gas.
The
The
The bulk of the
In 2007, the Liberian government opened an open-pit iron ore mine in southwestern Bong County for public bidding. The contract was eventually awarded to China-Union (Hong Kong) Mining Company Limited. However, due to a lack of follow-up operations, the company invited the China-Africa Development Fund (
See also
[edit]References
[edit]- ^ a b "Company Overview".
CAD Fund website.CAD Fund. Archived from the original on 14 November 2013. Retrieved 22 February 2012. - ^ a b Yan, Zhou (28 May 2010). "
CAD Fund to boost footprint in Africa". China Daily. Retrieved 22 February 2012. - ^ Murphy, Dawn C. (2022). China's rise in the Global South : the Middle East, Africa, and Beijing's alternative world order. Stanford, California. p. 74. ISBN 978-1-5036-3060-4. OCLC 1249712936.
{{cite book}}
: CS1 maint: location missing publisher (link) - ^ Zhang, Zezhong (2013).
新 时期中 非 经贸合作 机 制 研究 . Shanghai:上海 人民 出版 社 . ISBN 9787208113114. - ^ a b Wei, Jianming (2012).
中国 税收 优惠政策 及其应用 2012. Beijing:中国 税 务出版 社 . ISBN 9787802358560. - ^ "China seals cement deal with S Africa". The Financial Times. May 13, 2010.
- ^ Stewart, Robb M. (February 2012). "Rio Tinto Accepts Chinese Bid for Kalahari Shares". The Wall Street Journal. Retrieved 22 February 2012.
- ^ Sam Sole and Craig Mckune (28 August 2014). "What's black and white and in the red all over?". Mail and Guardian. Retrieved 8 September 2014.
- ^ 华友钴业关于
公司 股 东中非 发展基金 减持股 份计划的公告 (in Chinese) - ^ "Africa: Ghana's leading carrier, Africa World Airlines takes delivery of 7th aircraft". 29 October 2018.
- ^ a b Murphy, Dawn C. (2022). China's rise in the Global South : the Middle East, Africa, and Beijing's alternative world order. Stanford, California: Stanford University Press. p. 177. ISBN 978-1-5036-3060-4. OCLC 1249712936.
- ^ Brautigam, D.; Tang, X. (2012). "An overview of Chinese agricultural and rural engagement in Ethiopia. Development Strategy and Governance Division" (PDF). International Food and Policy Research Institute – via Google Scholar.
- ^ Geda, A.; Meskel, A.G. (2009). "Impact of China-Africa Investment Relations: Case Study of Ethiopia". African Economic Research Consortium – via Google Scholar.
- ^ Schickerling, E. J. (2012). The role of the China Africa Development Fund in China's Africa policy (Doctoral dissertation, Stellenbosch: Stellenbosch University). Stellenbosch University Press (Thesis) – via Google Scholar.
- ^ Ombaba, K. M. B.; Arogo, P. A.; Bii, P.; Omuya, J.; Ongeri, L.; Kabuka, P. O. (2012). "A study on the impact of China's investments in Africa: the case of Kenya". Sabinet African Journals. hdl:10520/EJC127664 – via Google Scholar.
- ^ Alden, C.; Wu, Y. (2014). "South Africa and China: The making of a partnership. Johannesburg: South African Institute of International Affairs" (PDF). South African Institute of International Affairs – via Google Scholar.
- ^ Mushota, C. E. (2021). "China in Africa: Partner or Exploiter? The Case of Zambia". CUNY Academic Works – via Google Scholar.