PBoC launches $2 billion Africa investment fund
China’s central bank to finance ‘larger-sized’ development projects
The People's Bank of China (PBoC) unveiled a $2 billion investment vehicle with the African Development Bank (AfDB) yesterday, in a deal that revolutionises the way China finances projects on the continent.
Charles Boamah, the AfDB Group's chief financial officer, said the Africa Growing Together Fund (AGTF) would be used to finance an additional $200 million in "larger-sized projects" in each of the next 10 years throughout Africa.
Crucially, he explained, the funding will be offered "on
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