China Development Bank (CDB), the world’s largest development finance institution, has so far channelled more than $50 billion of investment and financing for African nations.

The funds went to nearly 500 projects in 43 African countries, according to Liu Yong, CDB spokesperson and chief economist.

The bank’s long-term and large-sum funding supported the development of local infrastructure, energy, mining, telecom, manufacturing and social welfare sectors, Liu said.

The scale of the China-Africa Development Fund, an equity investment fund managed by the bank, has exceeded $10 billion.

The fund has committed $4.6 billion of investment for over 90 projects in 36 African countries, with actual investment exceeding $3.3 billion. It has driven more than $23 billion of investment from Chinese enterprises, according to Liu.

In addition, the CDB’s special loan targeting Africa’s small- and medium-sized enterprises has seen its quota reach 6 billion dollars, covering 32 African nations, with $4.2 billion of lending commitment, Liu noted.

Xinhua