CDB channels more than 50 billion USD to Africa in first half 2017

Source:Xinhua Published: 2017/10/5 18:04:07

China Development Bank (CDB) accumulatively extended loans of more than 50 billion US dollars to 43 African countries in the first half of this year.

Wang Yongsheng, vice president of CDB, said Thursday that the capital has been used to support the development of agriculture, manufacturing industry, infrastructure and to improve people's livelihood.

The bank has so far reached consultation agreements with 18 African

countries and used its advantages in long-term and larger loans to help African countries grow domestic financial markets. It also initiated the China-Africa Development Fund and launched a special loan targeting Africa's small and medium-sized enterprises. The bank's outstanding loans to Africa total 36.8 billion US dollars, according to Wang.

Posted in: ECONOMY

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