China Development Bank establishes investment with over 40 African countries

A worker assembles an electric minibus at a factory in Addis Ababa, capital of Ethiopia, March 6, 2024. [Photo/Xinhua]

China Development Bank has established investment and financing cooperation with over 40 African countries so far, jointly serving to advance the high-quality development of the China-Africa partnership and the Belt and Road Initiative, the bank said during the just-concluded Council Meeting of China-Africa Interbank Association in Abuja, Nigeria.

The bank has been deepening its financial cooperation with African counterparts over the years, with a focus on supporting the development of Africa's infrastructure, manufacturing, and small and medium-sized enterprises, among others, it said during the meeting, the second of its kind, on Wednesday.

The bank's targeted support has facilitated the on-the-ground realization of projects, such as the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, the Lekki Deep Water Port in Nigeria, and the Nairobi Expressway in Kenya, it added.

The China-Egypt TEDA Suez Economic and Trade Cooperation Zone, jointly supported by CDB and its subsidiary China-Africa Development Fund, has emerged as a shining example of the tangible benefits of China-Africa collaboration under the BRI.

The zone has already attracted over 140 enterprises, generating cumulative sales of more than $3.7 billion and tax revenues exceeding $200 million, and directly creating nearly 6,000 jobs, according to the bank.