China-Africa Development fund in Africa tops $1.9bn

The China-Africa Development (CAD) fund has invested 1.9 billion U.S. dollars on the African continent since being established in 2007, its president Chi Jianxin said on Thursday. The CAD fund, China's biggest equity fund focused on African investments, has raised 3 billion U.S. dollars in its first and second phase of operation. "If we can complete our second-phase investment plan within this year, we will probably start the third-phase next year which will raise another 2 billion U.S. dollars," said Chi. The fund mainly focuses on long-term investment projects that include industrial development, agriculture, infrastructure, industrial parks and resource exploitation, he said.