China-Africa Development Fund, an equity investment fund managed by China Development Bank, has invested more than 5 billion U.S. dollars in African countries, the fund said.
Covering infrastructure, agriculture, people's livelihood, capacity cooperation, industrial parks, and other fields, the investment has helped boost local economies, employment, and tax revenues in Africa.
With the hefty and diversified investment, the fund has played an exemplary role in promoting joint Belt and Road construction between China and African countries.
The fund was set up to support Chinese companies in Africa in 2007 following the 2006 Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) with an initial scale of 5 billion dollars.
In 2015, during the FOCAC Johannesburg Summit, China announced that it would further allocate 5 billion dollars to the fund.
So far, the fund has decided to invest more than 6.6 billion dollars in projects in 39 African countries and has driven more than 31 billion dollars of investment from Chinese enterprises.