China Fund Opens West Africa Office In Accra

The China-Africa Development Fund (CADFund) would generate about US$5 million in Chinese Foreign Direct Investment and $ 900 million in tax revenue and create 180, 00 jobs in Africa.

The CADF is investing in more than 50 projects in 30 African countries.

The fund was established in June 2007 to support Chinese companies to undertake Sino-African co-operation projects and facilitate investment on the continent.

Mr Lu Qingcheng, the Vice President of the fund announced this at the opening of the representative office for West Africa of CADFund in Accra.

The establishment of the fund was an initiative of China in its efforts to promote new Sino-Africa strategic partnership.

The business scope of the office includes West African market research, projects exploration and initiation, monitoring of invested projects, external communication and exchanges.

The opening of the office marks the fourth in Africa with three others based in South Africa, Ethiopia and Zambia.

Mr Lu said Ghana was chosen because of its political stability and investor friendliness and fast growing economy.

He said the fund had witnessed a steady growth of its investment, which had yielded positive results and accomplished great impact in the area of China-Africa investment cooperation.

“CADFund has gradually turned itself into a platform for Chinese companies to invest in Africa,” he added.

He said the projects had played a positive part by promoting local development and enhancing living standards which had been commonly recognised and welcomed by stakeholders in China and Africa.

Mr Lu noted that the fund had attached great importance to effective and efficient communication with stakeholders in Ghana with regards to investments.

He said: “The Sunon Asogli Power Plant jointly invested by CADFund and Shenzhen Energy Group had been in operation since October 2010 with an installed capacity of circa 200 Megawatts.”

The Minister of Foreign Affairs and Regional Integration,Alhaji Mohammad Mumuni,, said it was a strategic moment for investors and the business community with the opening of the CADFund.

He said this would also deepen bilateral relations, since they had chalked up great success in the past.

He pledged the government’s commitment to support all activities of the fund in the country and expressed the hope that CADfund would fulfil the purpose for which it was set up.