The Fourth Office of China-Africa Development Fund Inaugurated in Ghana
（From Chinese Embassy in ghana）
The Representative Office for West Africa (hereinafter "the representative office") of China-Africa Development Fund (CADFund) was inaugurated on November 11, 2011 in Accra, Ghana, with the aim of stepping up CADFund's Africa-oriented investment and front-positioning of its business development apparatus in hopes of further bolstering Chinese investment in Africa and facilitating China-Africa economic cooperation and win-win development.
Dignitaries present at the opening ceremony of the representative office are Mr. Zhou Tienong, Vice Chairman of the Standing Committee of the National People's Congress of China and Chairman of the Revolutionary Committee of the Chinese Kuomintang, Hon. Alhaji Muhammad Mumuni, Minister for Foreign Affairs & Regional Integration of the Republic of Ghana, H.E. Mr. Gong Jianzhong, Chinese Ambassador to Ghana, representatives of the Ghanaian government and the local business community, and chief executives of Chinese-invested companies in Ghana. Mr. Zhao Jianping, member of the Executive Management Committee of China Development Bank and Chairman of China-Africa Development Fund, delivered a key-note speech during the opening ceremony.
The Representative Office marks the fourth of its kind, following CADFund's three others based in South Africa, Ethiopia and Zambia respectively. The business scope of the Representative Office will cover West African market research, projects exploration and initiation, monitoring of invested projects, external communications and exchange, etc.
In order to encourage and support Chinese companies to invest in Africa, Chinese President Hu Jintao announced during the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) in November 2006 that a China-Africa Development Fund would be established. In June 2007, CADFund was incorporated in Beijing. Total funding of CADFund is set to be USD 5 billion, with the first USD 1 billion (Phase I) solely funded by China Development Fund.
In the past four years since inception, CADFund has witnessed steady growth of its investment business, which has yielded positive results and accomplished broad impacts in the area of China-Africa investment cooperation. CADFund has gradually turned itself into a platform or bridge for Chinese companies to invest in Africa.
Up until now, CADFund has maintained a robust pipeline with over 100 reserve projects, and has undertaken over 50 projects located in 30 African countries. Preliminary statistics indicate that completion and operation of all the projects invested under Phase I would bring about USD 5 billion in Chinese FDI to Africa, USD 1.8 billion in exports income, USD 900 million in tax revenue, and 180,000 jobs for local people. These projects have played a positive part in promoting local development and enhancing living standards, which has been commonly recognized and welcomed by all stakeholders in both China and Africa.
With an expected funds injection of USD 2 billion in Phase II, which has been stipulated in the FOCAC Sharm el Sheikh Action Plan (2010-2012), CADFund is poised to embrace for greater future development.
CADFund has attached great importance to effective and efficient communication with all stakeholders in Ghana regarding its investments in the country. In return, CADFund has enjoyed strong support from the Ghanaian government and our friends in the Ghanaian business community while progressing with a slew of projects relating to expressway, anti-malaria drug, tourism and hotel, and civil aviation.
The Sunon Asogli Power Plant jointly invested by CADFund and Shenzhen Energy Group has been operational since October 2010 with an installed capacity of circa 200MW. Both H.E. President Mills and other senior officials think highly of the power plant because of its exemplary role in alleviating the power shortage in Ghana.
CADFund's launch of its Ghana office represents an important step forward in building up its African expertise and professionalism, thanks to the resulting proximity to the African market. According to senior executives at CADFund, a representative office for North Africa will be rolled out soon to achieve a continental coverage.